By: Mahmoud Gamal
Dubai-Mubasher: UAE markets still lack positive catalysts so they are prone to be affected by fluctuations of the oil and global stock markets, according to analysts.
UAE investors are awaiting the US Federal Reserve’s meeting along with monetary policy announcements from Bank of England, Swiss National Bank and Bank of Japan, according to Jamal Ajaj, Director of Al Sharhan Shares Center in Abu Dhabi.
The markets are calm as oil prices declined below $50 per barrel, thus affecting investors’ risk appetite for stocks, Ajaj added.
He noted that portfolio investors in local markets have high liquidity, but they are waiting for positive catalysts to start trading.
Dubai’s stock market is expected to resume its positive performance, with its index likely to approach 3,248 points, capital market analyst Mohammed Al Kaabi said.
Commenting on Abu Dhabi bourse, Al Kaabi expected the general index to confirm its downtrend in today’s session.
Translated by: Julian Nabil
