UAE – Mubasher: Several factors including the approach of the summer holidays and companies’ financials have affected performance in UAE markets in the previous sessions, resulting in weak liquidity and performance as well as fluctuations, analysts told Mubasher.
Gamal Aggag, general manager at Al Sharhan Stock Centre said that Monday’s session witnessed weak performance despite an improvement in liquidity compared to the day before.
The main aspect affecting markets at present in the weak liquidity, which is affecting market direction in general, he noted, adding that second quarter financials for some companies were unexpected.
The analyst attributed the calmness in UAE markets to weak catalysts and lack of demand, which coincided with summer holidays.
Meanwhile, market analyst Waddah Taha said that investors have refrained from buying due to the holidays and due to pessimism over the decline in oil prices.
The Dubai Financial Market (DFM) closed Monday in the red following strong selling on blue chips led by Dubai Islamic Bank (DIB), Emaar, Arabtec and Dubai Investments (DI). On the other hand, the Abu Dhabi Securities Exchange (ADX) succeeded in closing in the green, powered by positive performance in the real estate and banking sectors, following a two-session decline.
