UAE – Mubasher: UAE markets are likely to remain stable on Thursday after global pressures have been lessened with regards to Greece’s financial crisis, analysts told Mubasher.

The Abu Dhabi Securities Exchange (ADX) closed Wednesday in the red amid pressure from the banking and telecom sectors. The general index fell 0.55% to 4,697 points, falling below the level of 4,700 points.

The Dubai Financial Market (DFM) closed Wednesday at a rise, making up for earlier losses, boosted by banking and transport stocks. The DFMGI inched up to 4,092.3 points.

Market analyst Waddah Taha said that developments in the Greek crisis will control stock market performance in the coming period amid a state of calm and absence of positive catalysts.

Trades on Wednesday were mainly focused on specific speculative stocks owing to the decline in long-term institutional investments, resulting in general negative performance for the markets, he added in a comment to Mubasher.

Meanwhile, analyst Tarek Qaqish noted that the Greek crisis and the geopolitical events have been controlling UAE markets in the absence of internal catalysts. He told Mubasher that the DFM’s gains on Wednesday were limited as several blue chips were in the red, thus pressuring the market and reducing its gains.