Dubai – Mubasher: Financial analysts suggested that any rise in the United Arab Emirates stock markets would be a corrective rebound after the past losses which drove the indices to hit low levels.
Dubai Financial Market (DFM) closed Sunday in green, as the main index continued its gains with the support of the real estate and banking shares.
Abu Dhabi Securities Exchange (ADX), however, ended yesterday’s trade with a fall, as it was negatively affected by the drop in telecom and real estate sectors.
“The gains of DFM in the last two sessions come in a corrective frame for the main index, after reaching the lowest level in 2015, last week,” Sameh Gharib, head of technical analysis at Roots Stock Brokerage House, told Mubasher.
“After breaking the level of 3,500 points, any level reached by DFM benchmark index would be a corrective rebound,” he explained.
Gharib expected an attempt by Dubai’s index to continue its rise during Monday’s session to target 3400 points, which is the first resistance level in the current period, while 3,127 became the first support level.
In respect with Abu Dhabi, Gharib said that the resistance level will start today at the 4,270 points, while the supports will start at 4,085 points.
Ehab Rashad, chief executive officer of Mubasher Trade, suggested that relative improvements taking place globally and better oil prices reflect on the UAE stock markets recently.
