By: Mahmoud Gamal
Dubai – Mubasher: UAE markets are likely to see support on Monday following the positive financial results of Emaar Properties and Dubai Financial Market Company (DFMC), analysts told Mubasher.
Both the DFM and the ADX ended Sunday down, falling 1.28% and 0.82%, respectively.
UAE markets may see support from companies’ first quarter financials, particularly after two blue chips announced positive performance during the period yesterday, market analyst Waddah Taha told Mubasher.
Emaar reported 17% profit growth in Q1-16, while DFMC posted a profit rise of 27%.
The low liquidity levels seen on the twin markets are considered normal as the disclosure period for financial results nears an end added to the approach of the summer holidays and the month of Ramadan, Taha added.
Meanwhile, technical analyst Amir Al Mansour told Mubasher that UAE markets may extend their flat performance until the disclosure period is over.
He noted that the markets are still comforting as they have succeeded in holding well despite external fluctuations, particularly the anticipated oil decline this week.
Finally, analyst Mohamed Al Shamry told Mubasher that he expects UAE indices to rise on Monday, with the DFM to pass the level of 3,550 points.
Translated by: Nada Adel Sobhi
