By: Mahmoud Gamal
Abu Dhabi – Mubasher: The UAE stock markets need the entry of new liquidity on Wednesday to be able to break their important resistance levels, in line with the control of speculations and rise of oil prices.
Low liquidity makes it easier for speculators to control the market, capital market analyst Wael Muhaisen told Mubasher.
Despite the markets’ volatile performance on Tuesday, some portfolio investors intend to increase their positions in some stocks until the actual announcement of first-quarter financials, the analyst noted.
The rise of oil prices is one of the positive indicators that can support the markets and attract foreign investments again, Muhaisen said.
The Dubai Financial Market (DFM) is likely to continue its sideways performance and approach 3,500 points, technical analyst Hamoud Al Azmi said in a statement to Mubasher.
The Abu Dhabi Securities Exchange (ADX) is expected to target 4,500 points on Wednesday and Thursday, Al Azmi concluded.
Translated by: Julian Nabil
