By: Mahmoud Gamal
Mubasher: The UAE stock markets are likely to see further purchasing powers on Wednesday as banks’ positive financial results for the first half of 2018 continue, analysts told Mubasher.
The main indices of the local bourses are expected to break significant levels as some investors are positively impacted by H1-18 results.
By the end of Tuesday’s trading session, the Dubai Financial Market’s (DFM) general index dipped 0.22% to 2,913.14 points, while the Abu Dhabi Securities Exchange’s (ADX) general index edged up 0.18% to 4,738.59 points.
The UAE’s twin bourses are projected to be stable in the meantime, vice president of Investment Research at KAMCO Raed Diab said.
Purchasing powers on blue-chip stocks have hit attractive levels, which is a good opportunity for investments, Diab added.
He stressed that the DFMGI should see purchases to break above 2,950 and 3,000 points and target 3,065 and 3,100 points, as well as reduce the risk of falling again.
The DFMGI could move downwardly to 2,700 points if it tumbles below 2,800 points, he noted.
On the other hand, the ADX is likely to leap towards 4,900 and 5,000 points if it closes the session above 4,745 points, he pointed out.
Diab emphasised that H1-18 financial results of the blue chips, mainly banks, are expected to be good, which will boost the performance of both markets over the coming period.
Moreover, the ADX’s secondary market could be active in the coming short-term period for welcoming the listing of new firms, including Wahat Al Zaweya, he indicated.
Translated by: Mai Ezz El-Din
