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UAE stock markets to revive prior to Cityscape Global 2017 - Analysts

UAE stock markets to revive prior to Cityscape Global 2017 - Analysts
Foreign portfolios are likely to keep an eye on real estate stocks

By: Mahmoud Gamal

Dubai – Mubasher: The UAE stock markets are expected to see more accumulations on Wednesday, and foreign investors are likely to purchase real estate stocks prior to Cityscape Global 2017 which will take place from 11 to 13 September, analysts told Mubasher.

Foreign portfolios are likely to keep an eye on real estate stocks during the coming trading sessions, before the launch of Cityscape Global, market analyst Gamal Abdel Hamed told Mubasher.

The Dubai Financial Market (DFM) is seeing prompt positive speculations from some portfolios, despite the consecutive decline of the indices, benefitting from the lowest levels that stocks reached, especially small-sized stocks, Adel Hamed highlighted.

On the technical level, the DFM’s steadiness above 3,622 points is good, as it is forecast to rise to 3,627 and 3,647 points over the next sessions, Abdel Hamed noted

The UAE stock markets are still seeing a sideways performance, and the DFM is moving above 3,560 points and is facing resistance at 3,675 points, Hesham Hassan, head of technical analysis at Acumen for Securities, told Mubasher.

On the other hand, the Abu Dhabi Securities Exchange (ADX) is moving below 4,500 points due to pressures, Hassan said, pointing out that the ADX's targets will not be defined unless it settles above 4,600 points.

Translated by: Mai Ezz El-Din