By: Mahmoud Gamal

Mubasher: The UAE stock markets are likely to see a sideways movement on Monday, amid expectations that US stocks will continue their rise, analysts told Mubasher.

Most portfolio investors have started to focus on banks stocks on Sunday, pushing the markets to hold again.

The ability of the UAE exchanges to hold on Sunday reflects a possibility of their rise in the coming period to make up for the losses they incurred following the release of Arabtec Holding's disappointing results, capital market analyst Ahmed Ismail told Mubasher.

Portfolio investors may continue to build up new positions in banks sectors following new merger news, Ismail added.

The markets were backed on Sunday by the banks stocks, led by the Ajman Bank and Dubai Islamic Bank (DIB) which added 5.15% and 0.65%, respectively.

In addition, the First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD) gained 0.7% and 0.48%, respectively. Some real estate stocks still stand at good price levels, the analyst noted.

Most blue chips stocks are likely to see more cautious accumulation on Monday, analyst Hareb Omar told Mubasher.

Institutional and local investors showed new strong purchasing power, especially after blue chips reached attractive price levels, Omar noted.

The Dubai Financial Market (DFM) is expected to continue its rise to 3,680 points, capital market analyst Dayem Sultan said.

Translated by: Julian Nabil