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Dubai Financial Market : UAE bourses to test possible extended gains – Analyst

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10/13/2017 | 04:56 am

By: Mahmoud Gamal

Dubai – Mubasher: The UAE’s stock markets are currently facing technical tests to see whether or not they will be able to continue rising, as stocks have reached attractive levels ahead of the third quarter disclosure period, analysts told Mubasher.

On Wednesday, leading stocks pushed both the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) higher at the closing of the session.

UAE market indices have enjoyed a strong performance this week, backed by the positive performance of leading stocks, market analyst Mohanad Oraykat said.

These leading stocks have been trading sideways at previous peaks, the analyst told Mubasher.

Oraykat forecast that these indices will undergo technical test to see whether they will be able to extend their gains or not.

The ADX targets the level of 4,580 points, while the DFM is currently targeting 3,660 points, the capital market analyst noted.

The analyst attributed the strong performance seen on UAE bourses lately to the positive forecasts for companies’ financial results for the third quarter of 2017, which led to liquidity growth and increased speculations.

Translated by: Mohamed Hesham Azab

Source : Mubasher Exclusive

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