By: Mahmoud Gamal
Dubai-Mubasher: The UAE stock markets are expected to hold in the coming sessions, capital market analyst Wadah Al Taha told Mubasher, after the Abu Dhabi and Dubai benchmarks swung to red yesterday.
The markets need some time to take in the accumulated negative factors that control traders’ sentiment recently, he added.
Contrary to expectations, quarterly reporting, especially by banks, negatively affected the markets, Al Taha noted.
The UAE indexes were also pressured by the decline of oil prices, the analyst said.
A dominant state of “excessive pessimism” is making the markets vulnerable towards any negative factors; traders are selling both profitable and loss-making stocks without distinction, Al Taha explained.
