By: Mahmoud Gamal
Dubai – Mubasher: UAE stock markets continue to be on the lookout for new market-boosting catalysts that will reduce the level of fluctuations which have dominated the two markets in the past several sessions, analysts told Mubasher.
The Dubai Financial Market (DFM) closed Monday 1.12% down to 3,431 points, while the Abu Dhabi Securities Exchange (ADX) grew 0.2%, reaching 4,531 points.
The jitteriness seen across UAE market indices on Monday can be attributed to a number of factors, particularly the weak performance suffered by blue chips as investors await companies' first quarter financial results, commented market analyst Hamed Al-Onkory.
Technical indicators confirm a slight improvement in performance in UAE indices, he told Mubasher, noting that the DFM's general index is targeting important resistance at 3,475 and 3,520 points, respectively.
The largest and most important challenge to UAE bourses in the coming sessions is attracting new liquidity to maintain last week's gains, the analyst highlighted.
Meanwhile, analyst Basem Ahmed noted that UAE stock markets were gearing up for a strong rising trend on the medium and long-terms, although they are "in dire need" of strong liquidity with regards to blue chips.
A delay in disclosing first quarter financials will increase markets' current state of confusion, Ahmed added.
Translated by: Nada Adel Sobhi
