By: Mahmoud Gamal
Dubai-Mubasher: UAE markets are likely to continue their downward trend amid absence of catalysts, investors’ anxiety and lower oil prices, analysts told Mubasher.
Dubai Financial Market (DFM) shut Monday’s session in red, continuing the losing run to the seventh successive day, as it was dragged lower by banking stocks as well as property firm Emaar. Meanwhile, the market losses were trimmed by Arabtec that shut in green.
Abu Dhabi Securities Exchange (ADX) moved back to the negative territory on Monday, pressured by strong selling on leading stocks and also weighed by downbeat sentiment due to global markets volatility.
ADX technically tends to decline to 4,085-3,979 points amid absence of internal catalysts and accumulated losses of global markets, said UAE markets technical analyst Hareb Al Muhairi.
Commenting on DFM’s performance, Al Muhairi said that the main gauge is likely to continue its downward trend and fall to 2,921-2,845 points.
Major traders are accumulating stocks which reached attractive price levels to make use of them when companies announce their annual financials, he added.
