By: Mahmoud Gamal
Dubai-Mubasher: The UAE bourses are likely to see an upward trend on Thursday as oil and global markets rose, analysts told Mubasher
The markets will also be backed by a tendency of portfolio investors to accumulate mid- and small-caps, capital market analyst Gamal Abdel Hamid told Mubasher.
Part of yesterday’s liquidity was injected in mid-caps, especially Dubai-listed Shuaa Capital which saw a high trading activity.
The UAE market sentiments are controlled by investor anticipation of first-quarter results, which are expected to accelerate the UAE economic growth, Abdel Hamid added.
Companies will start to announce their quarterly financials as of the middle of next week.
As Dubai market’s main index closed above 3,340 points on Wednesday, a positive signal is sent to investors, noted Ahmad Al-Amoudi, technical analyst at Trades Chamber.
If the markets, unexpectedly, see profit-taking, the DFMGI should maintain its level above 3,300 and will continue its sideways-to-bearish trend, Al-Amoudi said.
