By: Mahmoud Gamal
Dubai – Mubasher: Analysts said that the UAE markets are likely to keep their "speculating activity" on Thursday, with interest in real estate stocks after the Capital Market Authority's (CMA) approval of Arabtec's recapitalisation.
The Dubai Financial Market (DFM) added 0.4% on Wednesday backed by Emaar and Arabtec, while the Abu Dhabi Exchange (ADX) ended high supported by Dana Gas.
Technical analyst Nawaf Al Ajamy commented on the big hikes seen in UAE markets on Wednesday, saying that most of them are "speculating benefiting" from the CMA's approval on Arabtec recapitalisation.
He added that along the previous sessions, the markets were pressed on the back of expectations that Arabtec would announce bankruptcy, but after the latest decision, investors tried to return to take new positions in the share to offset previous losses.
Al Ajamy noted that the speculating activity resulted in an increase in liquidity, adding that a notable interest was seen towards banks stocks, which is normal after anticipations that the US Federal Reserve would raise the interest rate, which will positively affect their revenues.
Translated by: Sara Ghali
