Dubai – Mubasher: Selective purchases for blue-chip and defensive stocks are likely to back UAE equity markets on Monday, analysts told Mubasher.
Capital Market analyst Hassan Al-Zawi said UAE bourses volatile performance is forecast to continue on Monday amid investors' appetite for blue-chips and defensive stocks.
"Selective purchases for these stocks pushed UAE bourses higher yesterday. But the stock markets are still under the control of speculators", Al-Zawi added.
Economic analyst Mohamed Al-Shammri indicated that the current stock quotes are likely to attract traders to purchasing as the lower the quotes, the more attractive the stocks will be and vice versa.
In spite of the present downtrend, Al-Shammri said the current technical levels could attract more investments, expecting an increase in institutional investments over the coming weeks.
Yesterday, The DFMGI fell 0.06% or 1.95 points to reach 3,490.27 points.
By closing below 3,500 points, the main gauge is likely to rebound and rise to 3,520 points, Abdel Hamid noted.
The ADX main index closed lower 0.44% to 4,499.74 points.
