The UAE stock markets are likely to move upwardly and extend gains on Tuesday on the back of firms’ annual financial results and subsequent dividend distributions, analysts told Mubasher.
By the end of Monday’s trading session, the Dubai Financial Market (DFM) slipped 0.17% to 3,314.93 points, while the Abu Dhabi Securities Market (ADX) edged up 0.56%, lifted by the energy and real estate stocks.
The Emirati bourses have seen selling pressures yesterday and most of the blue chips dropped after witnessing a consecutive losing streak last week, technical analyst at the African Economic Council Mona Mostafa said.
Firms’ upcoming annual financial results and subsequent dividend distributions may bolster the local stock markets, in line with investors being concerned and cautious over trading, commented Mostafa.
The main indices of the UAE bourses were negatively impacted by the global stock markets’ plunge last week, she added.
Blue chips have maintained correction waves last week, in spite of the sideways-to-rising trend the local markets have seen by the end of the week, she indicated.
The ADX is expected to continue the volatile trend to test 4,500 and 4,457 points to see support at 4,010 points, she noted.
The DFM is likely to maintain the downward trend and test support at 3,281 points, the technical analyst forecast.
The DFM may face a wave of profit-taking to hover around 3,195 points and test significant levels afterward at 3,260, 3,204, and 3,180 points, the analyst mentioned.