UAE bourses may continue rising Tuesday – Analysts

UAE bourses may continue rising Tuesday – Analysts
UAE bourses may continue rising Tuesday – Analysts

By: Mahmoud Gamal

Dubai – Mubasher: The UAE stock markets are expected to continue growth during Tuesday’s session, in line with investors’ plans to purchase the stocks that reached attractive levels, and announcing strong financial results for the firms, analysts told Mubasher.

By the end of Monday’s trading session, the Dubai Financial Market General Index (DFMGI) inched up 0.38%, whereas the Abu Dhabi Securities Exchange (ADX) remained unchanged at 4,369.59 points.

The selective buying that occurred on some leading stocks took place after the prices of these stock reached to attractive levels for purchasing, Iyad Aref, CEO at NamaaZone Research told Mubasher.

Speculative stocks especially that are listed under the real estate, and investment and financial services sectors are still attracting large number of investors, after sharp declines that occurred in the previous week, Aref added.

Emaar Properties’ stock is currently representing strong support for the DFMGI’s increase after it reached AED 8 by the end of Monday’s session after achieving good financial results.

On Monday, the stock of Emaar Properties levelled up 1.52%, reaching AED 8.

The CEO at NamaaZone Research stated that Emaar Properties’ stock reaching between AED 8.03 and AED 8.10 makes up strong resistance for it, and it is preferable to start collecting profits while reaching this level.

The DFMGI is achieving the previous expectations to rebound technically between 3,500 and 3,530 points.

The DFM is currently seeing correctional phase for the sharp losses that occurred in the previous week, Aref indicated, concluding that it is expected that may see declines to reach 3,330 points during the coming period.

The period of announcing companies’ financial results in the UAE stock markets will end on 15 November.

Translated by: Mohamed Hesham Azab