By: Mahmoud Gamal
Dubai – Mubasher: The UAE stock markets are expected to see positive rebounds during Monday’s trading session amid the announcements of some banks’ financial results and dividend distributions.
By the end of Sunday’s trading session, the Dubai Financial Market General Index (DFMGI) dipped 0.13% to 3,464.14 points, while the Abu Dhabi General Index (ADI) slipped 0.25% to 4,631.86 points.
The Emirati bourses are likely to see a slight rebound on Monday on the back of market-boosting catalysts, such as the growth in profits of both Mashreq Bank and Abu Dhabi Commercial Bank (ADCB) that beat expectations, capital market analyst Gamal Abdel Hamid told Mubasher.
Some stocks have hit record highs, topped by Emaar Properties, which is a good opportunity for investors in the long term, Abdel Hamid stressed.
The local stock markets were not supposed to witness the recent consecutive downward trend over the previous trading sessions ahead of real estate firms’ upcoming fourth-quarter 2017 earnings announcement, he pointed out.
The analyst attributed lower liquidity ratios to investors’ disinterest in selling stocks, highlighting that shareholders are still concerned.
The DFMGI is projected to see a bullish trend and test 3,488 points, he noted, adding that the index may move towards 3,509 and 3,542 points if it breaks above 3,488 points.
Translated by: Mai Ezz El-Din
