By: Mahmoud Gamal
Dubai – Mubasher: The UAE stock markets are expected to see more gains this week, amid increased purchases of blue chips by institutional and foreign investors, analysts told Mubasher.
Last week, overall trades were good and liquidity was focused on blue chips led by First Abu Dhabi Bank, Dubai Islamic Bank (DIB), and Emaar Properties, according to Jamal Ajaj, director of Al Sharhan Shares Centre in Abu Dhabi.
Liquidity pumped into these stocks was not speculative but for long-term investment, Ajaj said.
Emaar’s stock is seeing active trades by foreign investors since the announcement of the potential initial public offering (IPO) of its real estate development business by November, he added.
Investors are anticipating first-half financials of real estate companies led by Emaar which is expected to see good results, Ajaj noted.
The Dubai Financial Market (DFM) targets to reach important resitances at 3,720-3,750 points, after which the market is expected to see correction, capital market analyst Amin El Hennawy told Mubasher.
Translated by: Julian Nabil
