By: Mahmoud Gamal
Dubai-Mubasher: The UAE stock traders are expected to continue their bearish bets on Monday, amid lack of internal catalysts, lower oil prices and volatile trend of global markets, capital market analyst Hareb Omar said.
Dubai market’s close below 3,329 points is likely to push the main index down to the support levels at 3,297, 3,296 and 3,259 points, respectively, technical analyst Thabet Al-Harbi told Mubasher.
It is important for the market to close above 3,300 points on Monday to enable the general index to test 3,350 and 3,370 points in a row, noted the UAE markets analyst Salam Saeed.
Blue chips do not control the trading activity anymore, Saeed said, adding that speculators are currently focusing on small caps.
Declining liquidity leads profit-taking to continue on stocks with limited profit margin, resulting in extended fluctuations, Gulf markets analyst Hamoud Al-Azmi said.
Low liquidity is mainly attributed to traders’ anticipation of first-quarter financial results, capital market analyst Amir Mansour explained.
