By: Mahmoud Gamal

Dubai - Mubasher: UAE stock markets are expected to continue rising this week amid continued increases in turnover and as investors look to raise their positions on stocks that have reached attractive price levels, analysts told Mubasher.

Indices have neared important resistance levels, they added.

On Thursday, the Dubai Financial Market (DFM) grew 1.74%, while the Abu Dhabi Securities Exchange (ADX) added 0.56%.

The UAE bourses enjoyed high turnover levels last week compared to previous weeks, on the back of institutional and foreign investor purchases on several leading stocks such as Emaar, Dana Gas, Union Properties, and Drake & Scull International (DSI), said Iyad Al Bareeqy, CEO of Al Ansari Financial Services in Abu Dhabi.

Liquidity levels grew to AED 1.88 billion on the ADX and AED 2.62 billion on the DFM.

A number of company announcements have prompted improved investor appetite including Emaar Real Estate Development’s announcement that its initial public offering (IPO) proceeds will be distributed to shareholders, the analyst said.

He added that he expects such news to have a positive impact on UAE bourses in the coming period.

Meanwhile, analyst Ziad Al Dabbas forecast that UAE market activity will resume after the Eid Al Fitr holidays, which will be followed by companies’ second quarter financial disclosures.

Translated by: Nada Adel Sobhi