By: Mahmoud Gamal
Dubai – Mubasher: The UAE bourses are likely to extend gains on Tuesday amid the continuous selective buying by local and institutional investors to some operative stocks, which hit attractive levels following the announcement of quarterly financial statements.
By the end of Monday’s trading session, the Dubai Financial Market (DFM) edged up 0.45% to 2,905.03 points and the Abu Dhabi Securities Exchange (ADX) added 0.49% to 4,446.81 points.
The announcement of firms’ quarterly financial statements ends Tuesday, 15 May, according to the UAE Securities and Commodities Authority.
The UAE stock markets have closed Monday’s trading session in green territory, qualifying them to maintain the upward trend, particularly the DFM, which settled above 2,900 points, technical analyst Jamal Abdul Hamid said.
The DFMGI broke above 3,870 points and saw a rebound at 2,922 points after testing 2,850 points, Abdul Hamid highlighted, pointing out that the index is projected to break above 3,000 points.
The performance of the local stock markets is expected to improve over the next days, which will boost selective buying by investors on some operative stocks, such as Emaar Properties, he forecast.
He noted that Emaar’s stock has tested AED 5.17 yesterday, closing the session at AED 5.03.
He recommended investors to trade on blue-chip and mid-cap stocks, such as Arabtec Holding, Emaar, Amlak Finance, Dubai Investments, and DAMAC Properties.
The UAE stock markets, mainly the DFM, have witnessed positive accumulations, Abdul Hamid stressed.
Translated by: Mai Ezz El-Din
