By: Mahmoud Gamal

Dubai – Mubasher: The UAE stock markets are still awaiting new catalysts to help them overcome the volatility witnessed recently, amid weak liquidity and the decline of global stocks.

The Dubai Financial Market (DFM) fell 0.78%, while the Abu Dhabi Securities Exchange (ADX) went down 0.13%.

The UAE markets saw fluctuations on Tuesday, weighed down by the lukewarm performance of blue-chip stocks amid anticipations of new positive news and negative impact of the Manchester Arena attack on investors’ sentiment, technical analyst Hamed Al Anqari said.

The DFM may target an important resistance at 3,380 points then 3,420 points, the analyst added.

The markets’ biggest challenge is to attract liquidity in the coming sessions to stop losses seen in the recent period, Al Anqari noted.

Stability of the bourses above their support levels will encourage portfolio investors and investment funds to accumulate operational stocks of the companies which posted higher-than-expected results during the first quarter of 2017, he said.

The markets are preparing for a strong rally on the medium- and long-terms, yet they still need sufficient liquidity to be pumped, especially into blue chips, capital market analyst Bassem Ahmed explained. 

Translated by: Julian Nabil