By: Mahmoud Gamal
Dubai-Mubasher: The UAE markets are likely to see a downward trend on Tuesday amid investors’ bearish sentiment due to lower oil prices and lack of catalysts, analysts told Mubasher.
Abu Dhabi Securities Exchange (ADX) closed in the red on Monday, dragged by selling pressures and investors’ bearish sentiment on lower oil prices.
Dubai Financial Market (DFM) reversed on Monday the upward trend it saw yesterday, weighed by real estate stocks especially Emaar Properties and Arabtec Holding, in addition to the losses of Dubai Islamic Bank (DIB).
The UAE markets will be mainly affected by investors’ anxiety and oil price drop, technical analyst Nawaf Al Awn told Mubasher.
Al Awn added that some of stocks, especially in the banks sector, reached attractive price levels on Monday.
Arabtec Holding dropped 5%, while Emaar Properties and Dana Gas declined 2.8% and 2.4%, respectively.
The analyst noted that declining liquidity pushed traders to repeat profit-taking on stocks with limited margin.
Translated by: Julian Nabil
