By: Mahmoud Gamal
Dubai-Mubasher: The UAE stock markets are likely to continue their volatile trend on Monday as Doha talks fail to freeze oil production and portfolio investors tend to liquidate some stocks, while buyers are ready to bet on others, analysts told Mubasher.
Oil-producing countries at the Doha meeting failed to reach an agreement Sunday on a production freeze as they needed "more time" to make the decision, Qatar's Energy Minister Mohammed bin Saleh Al Sada said.
The general index of Abu Dhabi market tends to rise to 4,600 points, amid investors’ desire to purchase stocks at attractive price levels, like Aldar Properties and Etisalat, capital market analyst Hareb Omar said.
Dubai market’s negative performance on Sunday was attributed to profit-taking by portfolio investors, technical analyst Salam Saeed told Mubasher.
The DFMGI will try to target 3,590-3,690 points throughout the rest of this week, Saeed added.
Although Doha meeting’s outcome may negatively affect the local stocks’ performance on Monday, the UAE markets are still backed up by first-quarter reporting, Saeed explained
A rosy outlook is predicted for some stocks like Emaar Properties and Emaar Malls Group as they are about to release their dividends, according to UAE markets analyst Mohammed Al Shammari.
Translated by: Julian Nabil
