By: Mahmoud Gamal
Dubai – Mubasher: The UAE stock markets are expected to continue their sideways-to-bearish performance, amid buying momentum of some stocks and liquidity increase, analysts told Mubasher.
The bourses are expected to maintain their sideways trend, in line with selective purchases of stocks in companies which recently announced positive news, technical analyst Ahmed Al Zahori said.
Dana Gas’ stock attracted new portfolio investors after news that the Kurdistan Regional Government (KRG) reached a financial settlement with Dana and its partners over delays at a natural gas project.
The Dubai Financial Market (DFM) is expected to target 3,680 points, while the Abu Dhabi Securities Exchange (ADX) sees important resistance at 4,510 points.
Investors will tend to trade on GFH Financial Group and RAK Properties which target AED 2 and AED 76 respectively, Al Zahori noted.
The market will be supported by some companies’ announcements of new projects to be launched in Cityscape Global which will take place from 11 to 13 September, according to Fadi Elghattis, CEO of MindCraft Consultants.
The escalating crisis over North Korea's nuclear threats did not affect investors’ hold of local stocks, Elghattis noted.
Translated by: Julian Nabil
