By: Mahmoud Gamal

Dubai – Mubasher: UAE bourses are forecast to extend their losses this week amid investor anticipation of a number of catalysts, including third quarter financial disclosures, that are likely to start in October, analysts told Mubasher.

The Dubai Financial Market (DFM) closed Wednesday down 0.62% to 3,632.54 points, pressured by Emaar Properties and Dubai Islamic Bank (DIB), while the Abu Dhabi Securities Exchange (ADX) shed 0.20% to 4,455.09 points, weighed by Dana Gas, First Abu Dhabi Bank, and Etisalat.

UAE markets were closed on Thursday on the occasion of the Hijri New Year.

Last week’s declines along with lower trading volumes can be seen as negative indicators of investors maintaining their distance from the UAE’s twin markets and awaiting Q3-17 results, financial investment firm NamaaZone CEO Iyad Aref told Mubasher.

As for the DFMGI, falling to 3,632 points after reaching resistance at 3,680 points confirms the expected and continued drop, the analyst said, indicating that the DFM’s general index was likely to fall to 3,550 points this week.

However, a rise above 3,680 will boost the DFMGI higher towards 3,740, Aref noted, adding that this was not expected at the present time.

Meanwhile, Rabaa Kassab from Capitol Academy, told Mubasher that the DFMGI encountered strong resistance at 3,667 points but was unable to break above that level for several sessions, which resulted in its decline.

It is likely that the DFMGI will extend its losses towards support at 3,540, she added.

Translated by: Nada Adel Sobhi