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UAE markets to see calm profit-taking - Expert

UAE markets to see calm profit-taking - Expert

 

Dubai-Mubasher: UAE markets saw varied performance on Monday, during which the Dubai Financial Market (DFM) continued its wave of gains for the third successive session, though at a slower pace than the previous sessions, whereas the Abu Dhabi Securities Exchange (ADX) was pressured by profit-taking.

The DFM ended Monday in the green, rising by 2.3% or 86.52 points to 3851.87 points, after overcoming some profit-taking on select stocks at the beginning of the session.

Meanwhile, the ADX ended in the red on successive profit-taking, following major gains achieved in previous sessions. The ADX retreated by 0.85% or 38.17 points to 4478.48 points.

Think Financial Services CEO Fady Al Ghattis commented that investors seized the expectations that the DFM will decline and began profit-taking in order to make up for their previous losses.

Ghattis told Mubasher that he expects so limited profit-taking, but those will not resemble the sharp declines seen on the markets previously. Moreover, foreign investors are still directing their investments towards UAE markets owing to the attractive prices of stocks at present, he added.

Oil prices in Asian trades gained on Tuesday owing to expectations made by strong economic US data, amid weak trading as traders began to close their positions for the year.

 

 

Translated by: Nada Adel Sobhi

 

Photo Credit: Arabianeye-Reuters