By: Mahmoud Gamal
Dubai-Mubasher: The UAE stock markets are expected to see a positive performance in the first week following Eid Al-Fitr holiday, amid forecasts for blue chips to hold, analysts told Mubasher.
The indices of both Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange (ADX) are projected to face key technical resistance levels in order to continue rising over the week, as announcements of H1 financials approach, said capital market analyst Assem Al-Dhufairy.
Al-Dhufairy expected DFM’s benchmark index to continue its upward level to 4,115 points during the week, setting the first target at 3,900 points.
Liquidity of the UAE stock exchanges has reached 63.25%, while the purchase power exceeded 61%, the analyst said, expecting the trading value to range between AED 2 billion and AED 3.5 billion in the coming trading sessions.
Meanwhile, ADX can target 4,600 points if it manages to preserve the 4,500 points-level, subject to the liquidity of blue chips in the coming sessions, said technical analyst Mohamad Al-Saif.
Translated by: Ingy ElSafy
