By: Mahmoud Gamal
Dubai-Mubasher: The UAE stock markets are expected to suffer from the disappointing dividends announced by heavyweight Emaar Properties, according to Ahmad Al-Amoudi, technical analyst at Trades Chamber.
Dubai market’s main index should be much stronger technically to exceed 3,421 points and move towards 3,493 and 3,608 points in a row, Al-Amoudi added, saying it’s an unlikely scenario.
Investors should not build more positions if the DFMGI moves below 3,300 points, he noted.
The UAE indexes still stand at profit-taking levels, analyst Tarek El Sawy said, adding that Dubai market will give an entry signal if its main gauge breaks above 3,500 points.
The UAE local stocks did not give an entry signal so investors should be cautious in early trades till the trend of oil and global markets becomes clear, technical analyst Thabet Al-Harbi said.
Translated by: Julian Nabil
