By: Mahmoud Gamal
Dubai – Mubasher: It is projected that UAE bourses will continue to trade at levels that will prompt further profit-taking on Monday, coinciding with the expected decline in oil prices and global markets once more, analysts told Mubasher.
There are several internal factors currently pressuring UAE stock markets and resulting in the ongoing declines and prompting a further fall, commented Tawseyat CEO Tarek El-Sawy. He added that these pressures include low liquidity and investors’ market withdrawal.
Ahmed Abdel Gelil, consultant at Active Brokerage, concurred with El-Sawy and added that pressures also include the capital subscriptions which several companies have recently announced.
Emaar Properties and Dubai Islamic Bank (DIB) are likely to take control of the Dubai Financial Market (DFM) during the week, while Etisalat will be the main market-mover on the Abu Dhabi bourse, the analyst told Mubasher.
Monday’s session will be a fairly calm one with low liquidity and the movement of a select number of shares due to speculation, noted market analyst Salam Saeed.
Meanwhile, analyst Ahmed Al-Zahoury noted that the DFM will test support at 3,285 points, which ought to be maintained and not broken.
Translated by: Nada Adel Sobhi
