By: Mahmoud Gamal
Dubai – Mubasher: UAE stocks are likely to see further selective buying by foreign and institutional investors on Tuesday ahead of first quarter disclosures and despite the decline in oil prices, GCC market analyst Mohamed Al Ahbaby told Mubasher.
UAE shares have reached attractive buying levels amid a series of mergers and acquisitions, which started with launching the largest banking institution in the UAE, he added.
Foreigners have shown a strong purchasing power on the Dubai Financial Market (DFM) despite a fluctuation in its indices, Al Ahbaby told Mubasher, adding that despite selling pressures seen on some stocks in the Abu Dhabi market, foreigners were also mostly buyers, confirming that stocks are at good price-earnings ratio levels.
Meanwhile, market analyst Mohamed Al Shamry said that the DFM’s general index is likely to rise on Tuesday and regain the level of 3,550 points.
In the coming period, investors will look to increase their positions on stocks that have good operating performance, particularly as companies are likely to begin reporting their financials for Q1-17 within two weeks, Al Shamry told Mubasher.
On the other hand, analyst Mohamed Al Harby advised traders to keep their distance from the market until the situation stabilises and oil and global markets resume a correction by the end of this week.
Translated by: Nada Adel Sobhi
