By: Mahmoud Gamal
Dubai – Mubasher: The United Arab Emirates’ indices are expected to continue moving upwards on Wednesday due to the increasing purchases by foreigners and a recovery in oil prices and global markets.
The Abu Dhabi Securities Exchange (ADX) closed Tuesday in green, driven by leading shares, and the Dubai Financial Market jumped 3.3%, supported by gulf, institutional and Arab investments.
“Traders in local markets are interested in acquiring leading shares at the low price levels they reached recently,” capital market analyst Amir Mansour told Mubasher.
In DFM, Arabtec and Amlak surged by more than 10%. Meanwhile, First Gulf Bank and Abu Dhabi Commercial Bank rose by 5.3% and 2.4%, respectively.
Global stocks recovered yesterday from its lowest decline since 12 years, supported by data on China’s economy.
Technical analyst Hareb Al Muhairi also expected UAE’s markets to resume its positive performance in light of stronger global markets and better oil prices, advising traders to be patient in making investment decisions.
Translated by: Elwy el-Manzalawy
