By: Mahmoud Gamal
Dubai – Mubasher: UAE bourses are expected to see a slight but positive rebound during Tuesday’s trades following Monday’s collective decline, backed rising US and European stocks despite retreating oil prices, analysts told Mubasher.
The Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX) ended in the red following extended profit-taking on local stocks.
The prices of local stocks are expected to see a positive but slight rebound during today’s session, coinciding with indices entering a state of saturated selling, UAE market analyst Tarek Ghanem told Mubasher.
He noted that selling pressures on blue chips such as Emaar, DFM Company, Dubai Islamic Bank (DIB) and Aldar were behind Monday’s declines.
Meanwhile, analyst Faisal Al-Harby commented that although indices are at good levels to rebound, it is still likely that they will extend their losses.
He told Mubasher that market performance was bound by oil prices, and advised traders to remain outside the market at the present time.
A rebound on the DFM is likely to take place at the level of 3,390 points.
Translated by: Nada Adel Sobhi
