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Investors in UAE bourses eye further Q1 financial results

Investors in UAE bourses eye further Q1 financial results
Investors in the UAE stock markets are waiting for Q1-18 financial results

By: Mahmoud Gamal

Dubai – Mubasher: Investors in the UAE bourses are anticipating new market boosting-catalysts over the coming period, topped by firms’ financial results for the first quarter of 2018, mainly the banks, analysts told Mubasher.

The Dubai Financial Market (DFM) closed Wednesday’ trading session down 1.39% to 3,087.75 points, while the Abu Dhabi Securities Market (ADX) dipped 0.52% to 4,682.08 points.

It is worth noting that Emirates NBD on Wednesday reported a 27% year-on-year surge in net profits for Q1-18, recording a net profit of AED 2.39 billion, compared to AED 1.87 billion in the prior-year period.

Investors in the UAE stock markets are waiting for Q1-18 financial results, which may positively direct the bourses towards recovery levels, market analyst Ibrahim Al Filkawy said.

The DFM may see rebound at 3,050 and 3,040 points, he added, pointing out that the DFMGI, topped by Emaar Properties’ stock may witness huge exits in the meantime.

Losses and planned restructuring operations of firms such as Marka and SHUAA Capital are pressuring investors in the local bourses, Al Filkawy highlighted.

He stressed that most of the Emirati stocks are expected to fall to their book value from the currently traded market value.

 

Translated by: Mai Ezz El-Din