By: Mahmoud Gamal
Dubai – Mubasher: The UAE stock markets are expected on Wednesday to keep trading at levels that push indices for continuing the profit-taking activity in line with the decline of oil prices and global markets, analysts told Mubasher.
Blue chips are facing selling pressures from the profit-taking transactions which may affect the UAE indices to fall today amid volatile liquidity, lower investors’ activity, and the ongoing speculations, capital market analyst Ramy Kassab said.
The current declines are attributed to the investors’ tendency to keep their positions unchanged as they await leading companies to announce their quarterly financial statements this week, capital market analyst Tarek Ghanem noted.
Dubai Financial Market (DFM) is approaching a key support level at 3,350 points, while breaking the level 3,400 points will be a good indicator to regain its upward performance, capital market analyst Ahmad Ali said.
Meanwhile, the technical analyst Muhammad Al-Harbi noted that DFM is expected to fall to 3,330 and 3,320 points respectively.
Translated by: Ingy ElSafy
