By Mahmoud Gamal
Dubai – Mubasher: UAE stock markets are forecast to keep giving a volatile performance with a bearish bias on Wednesday, according to analysts
Yesterday, the markets saw an unexpected profit-taking wave due to speculations on blue-chip stocks, said market analyst Jamal Ajaj, stressing that the comeback of institutional investments on the long term is required to end speculators' control over the trading mood.
Amid the current jittery performance, the general trend cannot be technically confirmed, said market analysts Doaa' Majed and Waleed Khatab, expecting the bearish view to continue on Wednesday.
The Dubai Financial Market's (DFM) general index has support at the 3,430-3,380 area, while its first resistance is at 3,550 points, market analyst Raa'd Diab pointed out.
The DFM general index ended Tuesday lower 26.40 points, or 0.8%, to 3,466.65 points and the ADX benchmark fell by 20.54 points, or 0.46%, to the level of 4,471.68 points.
