United Arab Emirates – Mubasher: It is expected that Aldar Properties’ financials will be reflected on the Abu Dhabi Securities Exchange’s (ADX) performance today, analysts have said, adding that this coincides with a similar recovery on the Dubai Financial Market (DFM) following Emaar Properties’ announcement that its subsidiary Emaar Misr for Development will begin the actual steps to list on the Egyptian Exchange (EGX).

The DFM ended Wednesday in the red amid continued profit-taking for the second session running added to a negative atmosphere and ignoring of incentives.

The ADX saw similar performance, falling for the second session in a row as well, amid anticipation of Aldar Properties’ financials.

Yasser Mossaad, Investments Manager at Pioneers Securities, said that it is likely that UAE markets will continue their negative performance amid expected declines for oil prices added to retreating US markets and the fact that local markets are not reacting incentives.

Mossaad told Mubasher that markets may react to Aldar’s profits and Emaar’s intended listing on the EGX particularly as these two stocks are among the biggest market movers in the UAE.

On Wednesday, Emaar Misr requested to be listed on the EGX with a capital of EGP 878 million divided on nearly 87 million shares.

On his part, Mubasher Financial Services Managing Director Ehab Rashad said he expects UAE markets to continue declining on Thursday. These declines may extend to the coming week, he noted, adding that it is likely that markets will begin to hold starting Monday.

UAE markets are suffering ‘weaknesses’ at present as seen in their inability to resume previous gains and pass new levels, Mossaad said, adding in a comment to Muubasher that the continued declines may prompt traders who are still keeping their shares to exit, which will negatively affect the markets.

Arabtec’s inability to cope with incentives such as Aabar’s deal and news related to its one-million unit project in Egypt are strange, the analyst noted.

UAE markets’ decline on Wednesday is a continuation of profit-taking begun on Tuesday following previous gains, Rashad noted, adding that retreating oil prices and global markets have pressured UAE stock markets and prevented them from holding.

The DFM’s closing above the level of 3900 points is “reassuring”, he highlighted.