By: Mahmoud Gamal
Dubai – Mubasher: UAE stock markets are expected to see some minor upward rebounds on Tuesday, following four straight declines, analysts told Mubasher, indicating that investors were still trading cautiously and awaiting new market boosters.
The Dubai Financial Market (DFM) closed Monday in the red, pressured by Emaar Properties, Dubai Islamic Bank (DIB), and Dubai Investments, while the Abu Dhabi Securities Exchange (ADX) was weighed down by Etisalat and First Abu Dhabi Bank.
It is likely that UAE indices will see a minor upward rebound on Tuesday as stock prices have fallen to attractive price levels, particularly that of DFM Company, which investors see as a good investment opportunity in the long term, MenaCorp research analyst Issam Kassabieh told Mubasher.
Bourses are not likely to undergo the declines seen in previous sessions as the period for disclosing third quarter financials approaches, the analyst added.
Meanwhile, analyst Waddah Al Taha, a member of the UAE National Advisory Board for the Chartered Institute for Securities & Investments (CISI), said that investor moves in UAE bourses indicate a sense of caution and uncertainty
Local markets are no longer tied to external events such as the political rift with Qatar, which has no impact on listed companies, he added.
Al Taha forecast that liquidity will continue to decline till the end of September amid a lack of incentives to attract new investments.
As for Dana Gas’ stock, the analyst said that the stock is likely to be impacted by the possible separation of the Kurdistan Region from Iraq, which has gained significant traction recently.
Translated by: Nada Adel Sobhi
