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UAE stocks to move sideways till Emaar Malls IPO ends – Analysts

UAE stocks to move sideways till Emaar Malls IPO ends – Analysts
Arabtec Holding
ARTC
-3.29% 0.53 -0.02
Emaar
EMAAR
0.24% 8.17 0.02
The market’s performance on Tuesday was greatly impacted by the movements of Arabtec Holding, which accounted for more than 60% of trading, as rumours loomed over the stock prompting speculative buying and selling, analysts have said.

The local markets will continue their calm performance in the absence of significant positive incentives, said Gamal Aggag, head of Al Sharhan Stocks and Securities, adding that the markets are affected by rumours as investors are currently focuesed on the initial public offering (IPO) of Emaar Malls Group.

Stocks are expected to continue their sideways movement until the Emaar Malls’ IPO ends on September 26, and until the Company’s listing on October 2, added to Marka Company’s share listing on September 25, Aggag noted, highlighting that these listings are likely to form important incentives to the market movement.

Moreover, companies will soon announce their results for the Q3-14, which will prompt stocks to continue rising, he revealed, adding that expectations for Q3 financials are likely to be positive.

The banking sector is expected to achieve strong profits following the Emaar Malls IPO, he concluded.