By: Mahmoud Gamal

Dubai-Mubasher: The UAE markets are likely to continue their downward trend on Monday, analysts told Mubasher.

The markets’ trend is still affected by volatile oil prices and global stock markets, in addition to the news that Saudi Arabia and other Arab countries may get involved in Syria’s civil war, noted Al Awael Holding Chairman Talal Al-Khoury.

Proactive buying of some blue chips is normal when certain heavyweight firms are expected to release their FY15 results, while profit-taking becomes a new normal after results are disclosed, Al-Khoury said.

Meanwhile, senior technical analyst Hamoud Al-Azmi said the selling pressures are likely to continue to control the markets, pushing the main indexes down.

He advised investors not to build new positions and wait till the markets stabilise.

Abu Dhabi Securities Exchange (ADX) maintained its 4,000-point level, technical analyst Mohamed Sonbol said, adding that the general index would target 4,300 points if it manages to break 4,150 points.

Sonbol added that Dubai Financial Market (DFM) will see a positive performance if it did not close below 2,900 points. If the main gauge stabilises at its current level, it will target 3,160, 3,200, 3,300 and 3,400 points, respectively.

Translated by: Julian Nabil