By: Mahmoud Gamal
Dubai – Mubasher: The UAE bourses are expected to see a bullish wave on Wednesday amid positive financial results of some blue chips and the MSCI Emerging Market (MSCI EM) index’s addition to some stocks.
The UAE bourses have started a new phase of reviving after a notable declining last week, Fadi El Ghattis, the CEO of MindCraft told Mubasher.
Strong incentives have begun to show by the beginning of this week, such as the positive financial results of Emaar Properties and GFH Financial Group, El Ghattis said.
These incentives played a paramount role in eliminating investors’ concerns over the geopolitical situation in the GCC region, including the Saudi anti-corruption crackdown, he indicated.
Speculative stocks attracted some portfolios topped by GFH Group, especially after the announcement of new financial results and exits, he noted.
The UAE markets are forecasted to maintain seeing a positive performance until the end of this week amid strong incentives, which included the addition of some stocks to the MSCI EM index, he added.
The Dubai Financial Market (DFM) may test resistance at 3,500 points to move towards 3,730 points again, El Ghattis highlighted.
Moreover, financial analyst Razan Shahwan said that the Dubai Financial Market General Index (DFMGI) may resume testing the level of 3,500 points during the coming sessions.
Shahwan added that some active stocks such as topped by Dubai Investments (DIC) and Damac Properties Dubai are bolstering the DFMGI to break resistance above the aforementioned level.
Translated by: Mai Ezz El-Din