Dubai – Mubasher: UAE stock markets are expected to steady at the current levels on Thursday amid foreign investors' appetite for buying, analysts told Mubasher.
Market analyst Abdullah Al-Ali said foreign investments are likely to increase in spite of the markets' current downturn, which signifies that stocks are standing at a good price-earnings ratio.
On Wednesday, foreign investors on ADX and DFM were net buyers by AED 52.40 million.
Market analyst Hassan Al-Zawi said Dubai Financial markets are likely to give a better performance after holding above 3,500 points.
The DFMGI went up 0.58% or 20.08 points to reach 3,504.40 points.
This rise was attributed to speculators’ tendency to make selective purchases and exchange positions in some stocks, said gulf capital market analyst Safwat Totah.
Unlike Al-Zawi, Totah expected Dubai bourse to decline towards 3,405-3,418 points in September.
Traders are advised not to increase their positions until the Federal Reserve sets the interest rate for this year, the analyst concluded.
