Dubai-Mubasher: The UAE markets are expected to see fluctuations amid the absence of catalysts, in addition to investors’ anticipation of the US Federal Reserve decision on Wednesday.
The current liquidity is for daily speculations rather than investments, said Al-Sharhan Centre General Manager Gamal Agag.
He asked portfolios to enter the market to regain investors’ confidence, especially that the companies’ solvency is good as the annual financials approaches.
The recent decline that markets witnessed created investment opportunities on the short term for speculators.
Agag noted that the Dubai Financial Market (DFM) was supported by the rise of oil prices and some global markets.
DFM was mainly backed by selective purchase of some leading stocks including Emaar, Dubai Investments and Arabtec Holding.
The Abu Dhabi Securities Exchange (ADX) was weighed by traders’ anticipation of the Fed’s decision amid possibilities of interest rate rise, technical analyst Mohamed Sonbol told Mubasher.
He added that if the general index breaks the support level of 4,000 points, it will fall to 3,500-3,900 points.
