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UAE traders advised to form purchasing positions – Analysts

UAE traders advised to form purchasing positions – Analysts
The current volatility at the UAE stock exchanges is expected (Photo Credit: Arabianeye-Reuters)

By: Mahmoud Gamal

Dubai – Mubasher: Analysts have guided investors at the UAE markets to exploit the current profit-taking process in creating new purchasing positions.

The majority of blue chips at the UAE stock markets have reached attractive levels for purchasing despite the current downward performance, capital market analyst Ali Al-Dhufairy said.

Local and Arab investors are still seeking the purchase of shares, yet what happened on Wednesday was an ongoing process of buying selective shares, namely from the banks and telecom sectors, Al-Dhufairy noted.

The weak liquidity witnessed in Wednesday’s session confirms the lack of selling investment funds in the meantime, capital market analyst Mohamah Al-Shimry said.

The current volatility at the UAE stock exchanges is expected amid the absence of catalysts which may push indices to rise, he added.

Al-Shimry expected the sideways performance to remain until new events emerge, including oil price and global stock markets.

Translated by: Ingy ElSafy