By: Mahmoud Gamal
Dubai-Mubasher: The UAE markets are expected to see a positive performance on Wednesday, amid a tendency of some portfolio investors to increase their speculative positions, analysts told Mubasher.
The stock markets are expected to receive a boost from oil prices which recovered after Kuwait signalled an agreement to freeze output in April is probable, technical analyst Faisal Boushehri said.
The UAE blue chips are strongly backed by their rich-dividends, Boushehri noted.
Foreign and institutional investors tended to make purchases in Abu Dhabi market, yet they failed to support the market against the sales of Gulf and local investors, Boushehri explained.
On another note, technical analyst Thabet Al-Harbi said, despite Tuesday marked a superior selling power, the purchases of foreign and Gulf investors showed that local stocks can still draw investor attention.
The UAE markets will open stronger, however, they may not keep their early gains if their main indexes face strong resistance, capital market analyst Salam Saeed told Mubasher.
Dubai market’s main index may reach 3,400 points only if it manages to stay above 3,370 points.
