By Mahmoud Gamal
Dubai-Mubasher: The UAE stock markets are expected to stage a comeback on Thursday as the U.S. Federal Reserve kept the interest rate unchanged.
Abu Dhabi and Dubai stock markets closed Wednesday in red, pressured by most sectors.
Arab market analyst Hashim Al-Fahmawi said the local indexes are close to ending their correction wave amid improved oil prices.
He noted that Dubai Financial Market’s (DFM) benchmark is targeting its key resistance of 3,366 on Thursday.
Technical analyst Hassan Al-Hosany said most DFM stocks, specially blue chips and midcaps, were able to settle at key support levels, but failed to break above them.
Arabtec reached AED 1.58 on Wednesday after breaking its key resistance at AED 1.53, Al-Hosany said, adding that if the stock holds position above AED 1.60, it will move higher to AED 1.68 and then AED 1.77.
The analyst also said Emaar will likely rise above AED 6.13 to target AED 6.28, adding that Dubai Islamic Bank also targets crossing AED 6 to AED 6.22.
Translated by Abdul Maguid Aboshahla
