By: Mahmoud Gamal
Dubai – Mubasher: The UAE stock markets are expected to rise and extend gains in Monday’s trading session amid firms’ announcement of solid financial results that would lure investors, analysts told Mubasher.
By the end of Sunday’s trading session, the Dubai Securities Market (DFM) edged up 0.2% to 3,048.46 points, while the Abu Dhabi Securities Market slipped 0.25% to 4,685.44 points.
The UAE bourses are qualified to see further gains as stocks hit attractive levels for buying, technical analyst Gamal Abdul Hamid said.
The Emirati stocks may witness a boom in light of the increasing prices of oil and the banks’ significant financial results, Abdul Hamid indicated.
The DFMGI may break above 3,060 and 3,103 points and test 3,152 points, he forecast.
Trading on Drake and Scull International’s (DSI) stock is suspended as the company has not revealed the details of its general meeting, he added, pointing out that the stock has fallen sharply to AED 1.35.
The analyst further noted that DSI is projected to resume rising and hit significant levels over the coming period as Tabarak Investment is strategically supporting the stock through interest-free loans.
Translated by: Mai Ezz El-Din
