By: Mahmoud Gamal
Dubai-Mubasher: The UAE stock markets are likely to see a positive performance this week amid expectations that blue chips will hold at their current levels, according to analysts.
The UAE’s main indexes are currently at resistance levels which are technically important to witness an upward trend in the coming period, Arab markets analyst Hashim Al-Fahmawi told Mubasher.
Dubai market’s main gauge is expected to continue its rise above 3,425 points, he said, adding that breaking above such level for one day will confirm the index’s uptrend to 3,531 points.
The index’s current fluctuating movement is “healthy” before rising to 4,000 points in the coming weeks, Al-Fahmawi noted.
The analyst also said Dubai’s market is expected to see a growth in its liquidity to a range of AED 2 billionand AED3.5 billion.
Abu Dhabi’s main index is maintaining its level at 4,486 points which will help it target 4,259 points; yet this is dependent on the liquidity to be pumped in blue chips, according to UAE markets analyst Daeem Al Saif.
Al Saif advised investors to cautiously speculate or wait till the markets confirm their upward trend.
Translated by Julian Nabil
