The UAE stock markets are likely to see significant levels over the coming sessions, buoyed by selective purchases of blue-chip stocks, in line with announcement of banks’ financial results and dividend distributions, analysts told Mubasher.
By the end of Tuesday’s trading session, the Dubai Financial Market General Index (DFMGI) rose 0.85% to 3525.59 points, while the Abu Dhabi General Index (ADI) added 0.29% to 4615.41 points.
From a technical perspective, the UAE’s two bourses are able to hike on the back of expectations of robust financial results for most of the markets’ leading firms, market analyst Eiad Aref said.
Emirates NBD Bank reported a 17.16% increase in net profits in the fourth quarter of 2017, which reached AED 2.1756 billion ($592.25 million), compared to AED 1.8569 billion ($505.5 million) in the year-ago period.
The Dubai Islamic Bank’s profits are projected to grow 13% in the fourth quarter of 2017, SICO Bahrain reported.
Similarly, Emaar Properties’ profits are expected to rise 7% to AED 1.615 billion in Q4-17, while Emaar Malls’ profits would hike 10% to AED 499 million, according to SICO Bahrain.
Aref affirmed that the Emirati stock markets have the ability to hit record highs, forecasting DFMGI to rise to 3,700 points.