By: Mahmoud Gamal
Dubai-Mubasher: Blue chips of the UAE stock markets are expected to see further accumulation process on Wednesday, coinciding with institutions and foreign investors’ tendency for more purchases, analysts told Mubasher.
Foreign investors showed new purchase power in the UAE markets despite the indices’ volatility as well as pressures facing the stock exchanges, financial analyst Hareb Omar said.
Dubai Financial Market’s (DFM) benchmark index is expected to maintain profit taking, and reach 3,500 points, said technical analyst Mohamad Al-Shimiry.
He advised the traders not to increase stock positions once the selling transactions take control over the UAE markets, in line with the anticipation for leading companies to announce their H1 financial statements.
On a technical level, the UAE markets have not given a negative indicator so far, said capital market analyst Mohamad Al-Harbi.
Translated by: Ingy ElSafy
