By: Thabet Shehata

UAE – Mubasher: UAE markets are expected to continue to see positive performance during Sunday’s session, the first trading session in August, as major listed companies continue to disclose their financial results, analysts told Mubasher.

The Dubai Financial Market (DFM) ended Thursday, the last trading session in July, in the green, marking its second straight rise backed by the banking sector’s Dubai Islamic Bank (DIB), while the Abu Dhabi Securities Exchange (ADX) closed the session at a rise backed by the energy, real estate and telecom sectors and shrugging off losses by banks.

Sameh Gharib, head of technical research, Roots Securities Brokerage, commented that the DFMGI rose on Thursday, for second session in a row, after rebounding from the level of 4,110 points, which has become its first support level in this period.

The index reached the level of 4,234 points but rebounded downwards after investors preferred to use this high to begin profit-taking as this level is considered a strong resistance area, he told Mubasher, adding that the ADX index managed to cling to the 4,800 levels after rebounding to its highest level this year of 4,902 points.

Market analyst Waddah Taha said that despite the positive performance on the DFM, some stocks suffered weak trading, which slowed down market gains.

He told Mubasher that the main aspect of UAE markets at present is the weak liquidity, which acts as an impediment, preventing the markets from entering new levels.

Positive activity is expected to continue on the DFM on Sunday with the index to attempt reaching 4,165 points, its second resistance level, Gharib told Mubasher, adding that he expects the ADX to pass new levels in an attempt to reach its first resistance level at 4,900 points, making the level of 4,800 points a support one.

Translated by: Nada Adel Sobhi