Dubai-Mubasher: UAE markets’ downward trend is expected to continue in the coming period, analysts told Mubasher.
Abu Dhabi Securities Exchange (ADX) managed to close at a rise on Monday, backed by Etisalat and Aldar Properties.
ADX rebound is normal, as Etisalat managed to hold despite strong profit-taking on its stock, UAE market analyst Wadah Al-Taha told Mubasher.
After seeing trading by foreign investors, Aldar Properties’ stock also backed the index.
Moreover, the trading of non-Arab investors and institutions pushed the ADX up in the last few moments, against intense selling pressures by local, Arab and Gulf investors.
Dubai Financial Market (DFM) closed in the red on Monday for the second session in a row, weighed mainly by the real estate stocks with Arabtec Holding and Emaar Properties on top.
Al Taha went on to say that DFM may witness pressures from Emaar Properties amid the continuity of blurred vision.
The market’s negative performance on Monday is mainly attributed to the state of anxiety and hesitation that is controlling traders.
The DFMGI is likely to hold above the level of 3,127 points in the short term, the analyst said, adding that the first support level stands at 3,300 points.
