By: Mahmoud Gamal
Dubai – Mubasher: The main indices of the UAE stock markets are likely to rise on the back of selective buying on some blue-chip stocks with solid interim financial results, along with the end of uncovering firms’ exposure to the ailing private equity firm Abraaj Group, analysts told Mubasher.
The Abu Dhabi Securities Exchange’s (ADX) general index closed Monday’s trading session down 0.21% at 4,760.95 points, while the Dubai Financial Market’s (DFM) general market ended the session up 0.37% at 2,932.04 points.
Gains of the UAE’s twin bourses are extending as blue-chip stocks are attracting local and foreign institutional investments amid strong H1 financial results, vice president of Investment Research at KAMCO Raed Diab said.
The local markets have recently succeeded in overcoming their recent bearish trend, Diab added, projecting the ADX to test 4,900 and 5,000 points as long as it is settling above 4,670 points.
He indicated that the DFM needs to gain further momentum above resistance at 2,950 and 3,000 points.
Translated by: Mai Ezz El-Din
