Dubai – Mubasher: The UAE stock markets are currently gaining accumulations by foreign investors as listed-stocks have recently hit record highs on the back of the interim financial results, analysts told Mubasher.
Most institutional investors in the UAE’s twin bourses were buyers during Sunday’s trading session, netting AED 14 million.
Foreign and local retail investors were mostly buyers yesterday as well, netting AED 17.73 million.
The Dubai Financial Market’s (DFM) general index closed Sunday down 0.24% at 2,941.81, while the Abu Dhabi Securities Market’s (ADX) general index finished the session down 0.25% at 4,832.22 points.
Listed-stocks are attracting foreign purchasing powers, particularly banks, which hit record highs yesterday and previously posted robust results for the first half of 2018, CEO of NamaaZone Iyad Aref said.
The bullish trend is likely to maintain over the coming period as investors are optimistic about the second-quarter financial results of blue-chip stocks, Aref forecast.
He stressed that many of the blue chips were positively impacted by investors’ optimism, mainly Abu Dhabi Islamic Bank (ADIB).
For his part, technical analyst Jamal Abdul Hamid said that the DFMGI is expected to break 2,957 points and test 3,109 points.
On the other hand, the DFMGI may test 2,936 and 2,914 points if it carried on the bearish trend, Abdul Hamid added.
Some of the blue-chip stocks have lured traders, topped by ADIB, which settles above AED 4.97 and is projected to break AED 5.06 to hit AED 5.11 and AED 5.27, he indicated.
Abdul Hamid noted that most investors were trading on the insurance sector’s stocks over the past trading sessions as the sector has seen consecutive gains, particularly Dar Al Takaful’s stock that targets AED 2.7.
Translated by: Mai Ezz El-Din