By: Mahmoud Gamal
Dubai - Mubasher: UAE markets are likely to continue trading at profit-taking levels on Sunday and Monday following a new decline in oil prices and global markets, analysts told Mubasher.
The Abu Dhabi Securities Exchange (ADX) lost 0.9% on Thursday, while the Dubai Financial Market (DFM) shed 0.4%.
UAE markets are currently trading at levels that may prompt further declines amid low liquidity and as investors remain outside the market, technical analyst at Capital Academy Rabe’a Kassab told Mubasher.
She added that local indices will test important levels this week.
The DFM is likely to retreat to the levels of 3,415 and 3,336 points, respectively on Sunday, the analyst added to Mubasher.
Meanwhile, analyst Tarek Ghanem told Mubasher that he expects the DFM to form a strong base at the level of 3,550 points.
Should the index pass that level, it will continue to rise and move on to 3,605 points, he added.
Translated by: Nada Adel Sobhi
