By: Mahmoud Gamal
Mubasher: The UAE traders are watching closely the first-half results of active companies especially in the real estate sector, namely Arabtec, analysts told Mubasher.
The real estate sector in UAE bourses is comprised of 11 listed companies, of which six property developers like Emaar Properties, Aldar Properties and Deyaar Development announced their H1-16 results, while the remaining five firms including Damac Properties, Eshraq Properties and Arabtec Holding.
The UAE stock markets’ trend will be mainly determined in the coming two weeks by the disclosure of remaining first-half financials especially of Arabtec, financial analyst Mohannad Diack said.
If the real estate firms posted positive profits in Q1, the UAE indexes will be pushed to break their important resistances. A break above such resistances will lead the markets to see strong purchases, the analyst said.
Dubai bourse’s main index sees resistance at 3,300 points, the analyst said, noting that the market will give an “entry signal” for traders if the index moves above 3,550 points.
Diack advised traders to go long on the index with a tight stop loss below the 3,300 level.
Translated by: Julian Nabil
