Mubasher TV
Contact Us Advertising   العربية

Cityscape Global may push UAE stocks up this week – Analysts

Cityscape Global may push UAE stocks up this week – Analysts
The growth of the country’s capital markets liquidity will push some of the leading stocks up, especially The DFM Company’s stock, Kassabieh added

By: Mahmoud Gamal

Dubai – Mubasher: UAE stocks may see gains during Monday’s trading activities in line with foreign purchases of real estate stocks as Cityscape Global 2017 commences, analysts told Mubasher.

It is expected that sales achieved by large companies at the Cityscape Global event will improve liquidity in the UAE’s two markets during this week’s trading sessions, said Issam Kassabieh, analyst at Menacorp.

A rise in liquidity will boost several leading stocks, especially DFM Company’s stock, Kassabieh added.

The UAE’s real estate stocks are seeing positive movements on the back of building positions and strong buying carried out by foreign investors, especially on the Dubai Financial Market (DFM), the Menacorp analyst noted.

Kassabieh further added that investors were focusing their purchases on real estate stocks, despite the quick correction seen on DAMAC’s and Emaar Properties’ stocks.

On Sunday, Emaar Properties’ stock dropped 0.11% to AED 8.68 on the back of profit-taking after the stock rose to a 33-month high in the past few sessions.

Meanwhile, market analyst Jamal AbdelHameed told Mubasher that he expects better trading, concurring with Kassabieh that real estate stocks will see stronger trades, coinciding with Cityscape Global 2017.

The DFM benchmark index’s hold above 3,627 points is good, AbdelHameed noted, indicating that the emergence of new catalysts will prompt the index to rise towards 3,662 and 3,674 points.

Held at the Dubai World Trade Centre (DWTC), Cityscape Global 2017 begins Monday and ends Wednesday, 13 September.

 

Translated by: Mohamed Hesham Azab