By: Mahmoud Gamal
Dubai – Mubasher: UAE stock markets are expected to see fluctuating-to-rising performance during Wednesday’s trading activities in line with some portfolios planning to acquire some stocks that have reached attractive levels, and enhance the monthly closings, analysts told Mubasher.
The Abu Dhabi Securities Exchange (ADX) ended Tuesday up 0.07%, whereas the Dubai Financial Market (DFM) shed 0.23%.
Stock accumulation began on the DFM after most stocks reached attractive price levels in light of the approaching third quarter results, vice president of Investment Research at KAMCO Raed Diab said.
Drake and Scull International’s (DSI) stock, up 2.43% at Tuesday’s close, led the DFM in terms of trading volume after more than 22.4 million shares were traded, generating AED 8.47 million.
The DFM recovered after the sharp declines in the previous trading sessions due to selling pressure on the real estate, banks, and investment stocks, Diab added.
Emaar Properties’ stock, down 0.47%, pushed the DFM’s benchmark index down, while Arabtec Holding’s stock levelled down 0.35%, followed by Union Properties’ (UP) stock with 0.59%, and Dubai Investments’ stock with 1.29%.
The ADX is still anticipating new catalysts which may attract more investments, Diab noted, forecasting that the market will continue its fluctuation in the coming period while trying to rise.
UAE bourse liquidity levels continue to be low, which may push some stocks down again, amid an absence of catalysts, capital market analyst Nawaf Al Oteiby told Mubasher.
Translated by: Mohamed Hesham Azab
