By: Mahmoud Gamal
Dubai – Mubasher: The UAE stock markets will manage to hold at their current levels on Monday, if important catalysts like first-half financial results appear, analysts told Mubasher.
Analysts are cautiously optimistic about the performance of UAE bourses in the current period amid the rise of geopolitical tensions in the region, in line with lower oil prices which affected the confidence of some investors who preferred to keep their cash.
The UAE markets managed to hold on Sunday compared to the past sessions, capital market analyst Mohamed Al Azmi said.
The Abu Dhabi Securities Exchange (ADX) rose 0.4% on Sunday, while the Dubai Financial Market (DFM) slightly fell 0.3%.
The DFM managed to make up for its early losses on Sunday due to the rise of investment and dual-listed stocks led by GFH Financial Group, which climbed 14%, Al Azmi added.
GFH’s rise followed the appointment of Securities & Investment Company (SICO) as a market maker in order for the latter to own a stake in GFH in the form of treasury shares, according to Wadah Al Taha, a member of the National Advisory Board of Chartered Institute for Securities & Investments (CISI).
Most stocks declined by more than 60%, so some portfolio investors and major traders shied away from trading until the geopolitical situation gets clearer .
Investors are still cautious despite the modest rises UAE bourses saw in the past sessions, capital market analyst Nawaf Al Ajmi noted.
Translated by: Julian Nabil
