By: Mahmoud Gamal
Dubai-Mubasher: The UAE stock markets saw a positive performance in Sunday’s session after the boards of FGB and NBAD proposed the largest bank merger in the Middle East; however, weak liquidity blocked the indices’ performance to achieve significant rises, said GCC capital market analyst Salem Al-Neueiry.
It is noteworthy the UAE markets will start Eid Al-Fitr holiday on Tuesday, with trading resuming on Sunday.
Local shares are projected to see profit taking on Monday, as Eid Al-Fitr holiday is approaching, despite the positive performance seen at the opening of the oil markets on Monday, the analyst added.
Speculators will continue to increase their positions of attractive stocks at low prices, without taking in consideration other factors as the mixed performance of the global markets once again, said capital market analyst Nawaf Al-Ajami.
Meanwhile, technical analyst Mohamed Al-Ka’bi noted that the UAE stock exchanges are still negative. He advised small traders to not increase their positions until the resistance of both Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange (ADX) breaks at 3,350 and 4,600 points respectively.
Translated by: Ingy ElSafy
