By: Mahmoud Gamal
Dubai-Mubasher: The UAE exchanges are expected to see swinging stocks showing tendency to settle in green amid lower oil prices, analysts told Mubasher on Wednesday.
Brent crude declined 3.2% to $40.47 per barrel on Wednesday, while the U.S. crude fell 4% to $39.79 per barrel
Dubai market’s main index managed to hold firm and did not close below 3,350 points on Wednesday, suggesting it could snap a three-day losing run today, according to Ahmad Al-Amoudi, technical analyst at Trades Chamber.
To be ignited on Thursday, local stocks need to attract investors who are shying away due to lack of catalysts, Al-Amoudi added.
If the DFMGI managed to break above 3,402-3,421 points, it will maintain an upward trend on Sunday with today’s expected buying power still in control, the analyst noted.
The UAE markets gave an “entry signal” for speculators by the end of yesterday’s session, technical analyst Thabet Al-Harbi said.
