By: Mahmoud Gamal
Dubai – Mubasher: The UAE bourses are trying to restore investors’ confidence and figure out the causes of thin liquidity that affected their performance since late 2017 as President Zayed bin Sultan Al Nahyan ordered a one-month salary bonus for all government employees, analysts told Mubasher.
By the end of Sunday’s trading session, the Dubai Financial Market (DFM) edged up 0.83% to 2,972.41 points, and the Abu Dhabi Securities Market (ADX) inched up 0.08% to 4,560.38 points.
Investors in the local stock markets have been optimistic following the announcement of the president's initiative, managing director of asset management at Menacorp Tariq Qaqish said.
Liquidity ratios of most blue-chip stocks were heavy on Sunday’s trading session, Qaqish indicated.
Investors tended to mostly trade on dual-listed stocks yesterday, he added, pointing out that GFH Financial was one of the heavily traded stocks after announcing it seeks listing on the Saudi Stock Exchange (Tadawul).
For his part, market analyst Ziad Al-Qamizi said that the DFM may test resistance at 2,992 points then tests 3,320 and 3,054 points, while it could test support at 2,942 and 2,904 points.
On the other hand, the ADX is projected to remain stable at 4,511 points and break above 4,577 points to test 4,614 points, Al-Qamizi noted.
Translated by: Mai Ezz El-Din
