By: Mahmoud Gamal
Dubai-Mubasher: The UAE stock exchanges are likely to continue their negative performance amid a state of anticipation and declining oil prices, analysts told Mubasher.
Dubai market’s main index gave a negative signal after closing below the support level of 3,300 points, according to Ahmad Al-Amoudi, technical analyst at Trades Chamber
The DFMGI is expected to see an important support level at 3,241 if it continues to fall, he said, adding that breaking below that level will lead the main gauge to continue its correction and test a new support at 3,188 points.
The markets are currently seeing purchases of low-priced stocks by major traders who are trying to accumulate them before the first-quarter reporting period starts, senior technical analyst Hamoud Al-Azmi noted.
The buying tendency displayed by foreign investors and institutions in the UAE markets — despite the current downtrend—reflects a positive outlook for some stocks on the long term.
