By: Mahmoud Gamal
Dubai – Mubasher: The UAE bourses are expected to test significant levels amid the anticipation of the Organization of the Petroleum Exporting Countries’ (OPEC) meeting, which will be held on Thursday, 30 November.
Global markets
The UAE markets are recently chained to speculations due to reluctant investment portfolios, which explain lower liquidity, capital market analyst Basel Abu Teima told Mubasher.
The Emirati markets are currently not affected by global markets witnessing high levels, Abu Teima indicated.
The markets may not see a positive performance until the growing forecasts about the output cut extension are confirmed by the next OPEC’s meeting, he said.
He forecast oil prices, as well as the markets, to soar on the back of blue chips after the official announcement of cutting production.
The anticipated upward trend will not carry on for a long time as oil prices may fell below $40 per barrel, he highlighted.
The UAE bourses are likely to recover during the first quarter of 2018 after firms post their annual financials and new projects, he added.
The analyst further noted that the real estate sector will be the most vulnerable to see correction waves over the coming period.
Sideways moves
Moreover, market analyst Gamal Abdel Hamid expected the UAE bourses to maintain the sideways-to-declining performance over the next sessions.
The Dubai Financial Market (DFM) is facing selling pressures on real estate stocks, mainly Emaar Properties which tumbled AED 7.73, Abdel Hamid pointed out.
Translated by: Mai Ezz El-Din
