By: Mahmoud Gamal
Dubai-Mubasher: The UAE stock markets are likely to continue their positive performance on Monday, backed by selective purchases, analysts told Mubasher.
Dubai Financial Market (DFM) rose 1.68% or 52.56 points to reach 3,176.63 points on Sunday, the highest level in more than two months, backed by Arabtec Holding which topped gainers.
Abu Dhabi Securities Exchange (ADX) also gained 0.58% or 24.51 points to close at 4,275.69 points.
The UAE indexes are technically above support levels and witnessing important resistance, said Tarek Al Essawy, CEO of a financial consulting firm.
The DFMGI needs to break above 3,200 points to confirm its upward trend and move to 3,400 points, according to the analyst.
Al Essawy added that traders should be cautious and decrease their speculations till the markets stabilise.
Ahmed Al-Shamsi, head of technical analysis department at Traders Chamber, noted that the DFMGI targets 3,245 points, while Abu Dhabi’s main index tries to reach 4,250 points.
Translated by: Julian Nabil
