By: Mahmoud Gamal
Dubai-Mubasher: The UAE stock markets are expected to be subject to a slight profit-taking on Tuesday, after the decline of oil and global markets, technical analyst Salam Saeed said.
The markets will maintain their uptrend as speculators continue to make use of low-priced stocks and the liquidity inflows witnessed on Monday, analysts told Mubasher.
Dubai market’s main index is likely to see important resistance at 3,400 points, after it managed to close above 3,350 and 3,370 points in a row, Saeed said.
The index will not be able to move above its resistance unless it is backed by Emaar Properties and Dubai Islamic Bank (DIB), the analyst noted.
Liquidity inflows may push the index higher if it broke its strong resistance on Tuesday, Saeed explained.
Investors should be cautious and refrain from building new positions till the trend of oil market becomes clear, technical analyst Thabet Al-Harbi said.
