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UAE stocks likely to hold amid higher investments

UAE stocks likely to hold amid higher investments
Traders at Abu Dhabi's bourse

By: Mahmoud Gamal

Dubai – Mubasher: The UAE stock markets are expected to hold at their current levels on Wednesday, amid increased foreign and some institutional investments in stocks, analysts told Mubasher.

Foreign investors are increasing their purchases although the UAE stocks are nearing profit-taking, reflecting that stocks stand at price-earnings (P/E) ratios, analysts added.

The UAE markets manage to hold on Tuesday, backed by quick speculations on blue-chip and small-cap stocks, capital market analyst Salem Al Nuwairi told Mubasher.

Some attractive stocks in the real estate sector led by Emaar Properties following news regarding its dividends and initial public offering (IPO), the analyst added.

Speculations are still controlling trades, amid anticipation of first-half disclosures, Al Nuwairi noted.

The UAE markets are expected to continue seeing buying momentum since the beginning of this year, the analyst said.

Translated by: Julian Nabil