The UAE stock markets are expected to consolidate this week as investors look for fresh catalysts after making substantial gains in February.
The fund managers and financial analysts expect profit-taking or sideways consolidation at some points that may drag the market down. The Dubai Financial Market’s General Index climbed 4.72 per cent last week while the Abu Dhabi market advanced 3.33 per cent. The trading volumes also maintained the upward trend reflecting the investor interest in the local equities.
“We believe a period of consolidation in the UAE markets is almost inevitable, as investors look for fresh catalysts with earnings now out of the way,” Ibrahim Masood, Portfolio Manager, Mashreqbank, told Khaleej Times.
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