By: Mahmoud Gamal
Dubai-Mubasher: The UAE stock exchanges are expected to see transactions for rebuilding new price positions over this week, despite the projected fluctuations in global and regional markets, analysts told Mubasher.
Sunday’s session is likely to see a positive rebound for purchasing by professional traders, gulf capital market analyst Safwat Totah said.
The analyst noted that the main index of Dubai Financial market (DFM) is still in its rising levels to 3,388 and 3,452 points; however, if the index breaks the level 3,240 points, it will be redirected to a downward trend.
The UAE markets are still in a sideways range amid lack of liquidity, said technical analyst Muhannad Dyak.
Local shares are foreseen to see a temporary rise in the coming period, in line with the increase of oil prices as well as the US interest rates which remained unchanged, the analyst added.
The positive movement is linked to the UK’s vote over keeping its membership in the Eurozone as well as the stability of DFM’s index above 3,250 points with liquidity exceeding AED 600 million, the analyst clarified.
Translated by: Ingy ElSafy
