By: Thabet Shehata
Dubai – Mubasher: The reversal of oil gains may overshadow stock markets in the region, including the United Arab Emirates’ bourses, in Sunday’s session, according to analysts.
The Dubai Financial Market (DFM) closed Thursday in green thanks to selective purchases which pushed most sectors up, with liquidity rising to the highest level in February.
Meanwhile, the Abu Dhabi Securities Exchange (ADX) resumed its rise for the fifth session in a row on Thursday, amid an increase in trading activity, triggered by leading sectors.
“During the recent period, GCC markets became dependent on external factors, especially oil prices,” Ehab Rashad, CEO of Mubasher International, said.
“UAE bourses are expected to see fast profit takings after Thursday’s gains,” Rashad added.
Crude oil prices continued their weekly losses on Friday, amid oversupply worries, as producers didn’t reach a decision over freezing oil output.
GCC markets analyst Majid Al-Harbi also agreed that DFM and ADX are still affected by the performance of global markets and oil prices, which undermines the market stability.
Translated by: Elwy el-Manzalawy
