By: Mahmoud Gamal

Abu Dhabi – Mubasher: The UAE bourses are likely to test significant levels during the first week of February amid investors’ anticipation for more market-boosting catalysts, topped by annual financial results.

By the end of January, the Dubai Financial market (DFM) closed 0.72% up at 3,394.36 points, and the Abu Dhabi Securities Market (ADX) soared 4.63% to 4,602.23 points.

The UAE stock markets have extended gains in January on the back of rising stocks of the materials sector, such as Arkan Building Materials, Ras Al Khaimah Cement, and Union Cement, vice president of Investment Research at KAMCO Raed Diab told Mubasher.

Diab also noted that the industrial sector has positively impacted the Emirati bourses, backed by DP World, Air Arabia, and Arabtec Holding.

Firms’ annual financial results and subsequent cash dividend distributions are expected to define the local stock markets in the short term, he said.

The value-added tax (VAT) will also affect evaluations in the stock markets of the UAE and Saudi Arabia, he indicated.

The performance of the Emirati bourses was compatible with the GCC stock markets which recorded positive gains in January, Diab mentioned.

Translated by: Mai Ezz El-Din