By: Mahmoud Gamal

Mubasher: The UAE markets are likely to see more purchasing powers and hit record highs on Thursday; this performance is expected to continue over the next week amid the announcement of positive annual financial results of some banks.

The announcement of some banks’ annual financial statements is the key backer of the UAE bourses’ indices and it may be the main reason for the indices to break above significant resistance levels, technical analyst Gamal Abdul Hamid told Mubasher.

The Emirati stock markets are anticipating more market-boosting catalysts over the coming period ahead of major firms’ dividend distributions, Abdul Hamid highlighted.

He further noted that some stocks of Drake and Scull International, which succeeded in restructuring, winning some contracts, and settling debts, are likely to see positive accumulations.

Projections regarding Emaar Properties’ and Emaar Malls’ financial results are considered as positive catalysts that boosted stocks on Wednesday, he indicated.

Technical Vision

Moreover, market analyst Ziad Al Qaimari​ said that the Dubai Financial Market General Index (DFMGI) is hovering around 3,550 points, while it has support at 3,500 and 3,460 points.

Meanwhile, the Abu Dhabi General Index is moving towards 4,715 points and has a downside potential at 4,525 and 4,460 points, he added.

Translated by: Mai Ezz El-Din