By: Mahmoud Gamal
Dubai-Mubasher: The UAE stock market is likely to continue its speculative trend this week as portfolio investors are looking to promote their investments so as to end the month stronger at the time that oil and global markets are on the rise.
By last Thursday, Abu Dhabi's stock market recorded the biggest weekly gain since May 2014, boosted by leading sectors such as real estate and energy amid improvement in liquidity.
Dubai Financial Market (DFM) climbed 9% last week as well, after oil prices staged a recovery and some leading stocks delivered positive results.
Foreign and gulf investors’ desire to buy UAE stocks supported the markets to continue their upward trend, Amir Mansour told Mubasher.
Foreign investors’ purchases reached AED 437.3 million last week, while Gulf traders bought shares worth AED 83.26 million.
Mansour added that the prices of local stocks, especially in the banks and real estate sectors, reached attractive levels for buyers.
On another note, Tarek Al Essawy, CEO of a financial consulting company, expected the UAE markets to see an upward trend on Sunday and Monday, while forecast the remaining three trading sessions are likely to see quick profit-taking.
Translated by: Julian Nabil
