Dubai-Mubasher: The UAE equity markets are expected to maintain their upward trend on Thursday amid the rising oil prices and the Federal Reserve’s decision to hold interest rates unchanged, analysts told Mubasher.
Dubai Financial Market (DFM) rebounded on Wednesday from the downward trend it saw for two successive sessions, backed by the gains of Dubai Islamic Bank (DIB), Emirates NBD and Emaar Properties.
Abu Dhabi Securities Exchange (ADX) also ended in the green to reverse a two-day losing run, backed by the rise of energy and telecom sectors.
The markets are expected to continue their rise after the Fed opted not to raise interest rates at its January meeting, in addition to higher oil prices, said Capital market analyst Hareb Al-Muhairy.
Capital market analyst Amir Mansour noted that investors intend to capitalise on some selective stocks which reached attractive price levels.
The banks’ positive annual financials are strongly supporting the markets despite external pressures, market technical analyst Faisal Boushahri told Mubasher.
