By: Mahmoud Gamal
Dubai-Mubasher: The UAE stock markets are expected to see marginal profit-taking in Sunday’s session, following the downward trend of oil and global markets, analysts told Mubasher.
The sentimental attachment to global markets, amid lack of catalysts, will push local stocks to witness profit-taking activity, capital market analyst Salam Saied said.
He expected that the main index of Dubai Financial Market (DFM) would remain in its technical volatility between 3,250 and 3,400 points.
The analyst clarified that DFM’s benchmark index will not reach the previous peak unless a positive performance is seen by the stocks of both Emaar Properties and Dubai Islamic Bank.
Investors have to slowdown when it comes to increasing positions, until the US Fed’s vision for the interest rate is clear, GCC capital market analyst Basel Abo Teima said.
Translated by: Ingy ElSafy
