By: Mahmoud Gamal
Dubai – Mubasher: The UAE stock markets are expected to continue witnessing profit-taking on Tuesday, following a series of gains in the past sessions, analysts told Mubasher.
Market analyst, Mohamed Al Sawy, expected the UAE bourses to fall in the short term after reaching the overbought level, noting that the record gains were focused on a number of specific stocks, which will lead to profit-taking in the upcoming sessions.
Financial analyst, Ahmed Abdel Gelil, also forecasted today’s trading to be calm, with speculations expected to take place on some selective stocks.
The Dubai Financial Market (DFM) is expected to will mover between a resistance level of 4,200 points and a support level of 3,500 points during this week, technical analyst, Badr Al Dorzy, said.
Al Dorzy suggested that the main index of the Abu Dhabi Securities Exchange (ADX) needs to remain above 4,600 points in order to reach the 5,000 points level.
Translated by: Elwy el-Manzalawy
