By: Mahmoud Gamal
Dubai – Mubasher: The UAE stock markets are expected to recover during the first week of July, amid the rise of oil prices along with portfolio investors’ tendency to make quick speculations on some stocks, analysts told Mubasher.
The recovery of the oil price will lead to calm trades this week; thus, decreasing random sales and increasing investments in attractive blue chips, according to Eyad Al Bouriki, general manager of Al Ansari Financial Services.
Investors should monitor first-half financial results which are expected to be good and push local stocks higher, Al Bouriki added.
The recent rises of the Dubai Financial Market (DFM) were part of a temporary correction, yet its bearish trend still prevails, capital market analyst Amin Al Hennawy told Mubasher.
The DFM is expected to continue its decline next week, amid a decrease in turnover, Al Hennawy said.
The DFMGI is likely to fall in the coming sessions to 3,200 points, its most important support during the current period, the analyst added.
The Abu Dhabi Securities Exchange (ADX) is expected to also resume its decline towards 4,355 points next week, Al Hennawy noted.
Translated by: Julian Nabil
