By: Mahmoud Gamal
Dubai-Mubasher: The UAE markets are expected to see a slight rebound on Monday amid investors’ anticipation of US stocks and oil markets’ performance after the Easter holidays, capital market analyst Gamal Abdel Hamid told Mubasher.
The UAE markets decline on Sunday was mainly attributed to selling pressures on blue chips led by Emaar Properties, Dubai Islamic Bank (DIB), Aldar Properties and Etisalat, Abdel Hamid explained.
Although the UAE main indexes are near good levels to rebound, they are likely to continue their downward trend, yet this will be dependent on oil prices’ trend, technical analyst Thabet Al-Harbi noted.
Al-Harbi advised traders to stay away from the markets at present.
Dubai market’s main index is likely to rebound at the support levels of 3,196-3,232 points, the technical analyst said.
