By: Mahmoud Gamal
Dubai – Mubasher: Investors in the UAE bourses are waiting for further blue chips to post their interim financial results, mainly real state firms such as Emaar Properties, Arabtec Holding, and Drake and Scull International (DSI).
By the end of Monday’s trading session, the Abu Dhabi Securities Exchange’s (ADX) general index edged up 0.29% to 4,846.25 points, and the Dubai Financial Market’s (DFM) general index added 0.81% to 2,965.51 points.
Further financial result announcements for the first half of 2018, topped by Emaar and Arabtec, will set the UAE bourses’ trend over the next two weeks, CEO of NamaaZone Iyad Aref told Mubasher.
The indices of the local markets will break current resistance levels if real estate companies posted positive H1-18 results, Aref highlighted.
He stressed that liquidity is the main factor to maintain the bull run in the twin UAE stock markets, pointing out that liquidity in the DFM is still thin below AED 500 million.
For his part, senior financial analyst at Menacorp Financial Services Issam Kassabieh said that caution is still gripping the UAE stock markets as investors are anticipating the remaining H1 results.
He added that some of the real estate listed-firms are likely to report stable results, while others are forecast to post unpromising results.
The local markets are projected to be volatile until they witness positive news that would help carry on the upward trend, Kassabieh indicated.
