By: Thabet Shehata
UAE – Mubasher: UAE stock markets may see some stability on Wednesday- the last trading session of the month - as some portfolios and investment funds seek to improve their monthly closings, Ehab Rashad, CEO of Mubasher Securities, told Mubasher.
The Dubai Financial Market (DFM) closed Tuesday in the red, registering its fourth decline in a row, pressured by the banking and real estate stocks, particularly Dubai Islamic Bank (DIB) and Emaar Properties. Meanwhile, the Abu Dhabi Securities Exchange (ADX) shed its earlier gains and ended at a loss, weighed by a collective decline of its leading sectors.
UAE markets are still susceptible to turbulence in the global economy and oil markets amid a lacking of domestic catalysts, Rashad noted.
The negative performance for most global markets, continued decline in oil prices amid negative expectations for prices have been reflected on the performance of UAE markets’ blue chips, Rashad said, adding that the current soft liquidity has helped brokers dominate the markets and exploit global developments to pressure specific stocks.
Translated by: Nada Adel Sobhi
