Dubai – Mubasher: Over the past week, foreign investors and investment portfolio have focused on purchasing UAE stocks, which had dropped to significantly low levels, making them attractive to investors, analysts told Mubasher, highlighting that the trend was likely to continue in the coming sessions.

Arab and foreign investors were buyers last week, on both the Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX), netting AED 142.4 million in total. Foreigners alone logged AED 137.7 million in net purchases, whereas Arabs’ investments amounted to AED 4.6 million.

UAE market analyst Gamal Abdelhameed noted that local stocks registered major weekly gains last week, mainly on the back of new announcements and incentives by the Dubai and Abu Dhabi governments.

The analyst forecast that investor’s morale will continue this week, with foreigners continuing their buying streak for UAE stocks amid overall positive anticipation for results for the first half of the year, which are due in July.

He forecast that the DFM would surpass 3,067 points having neared 3,064 points, adding that reaching such levels would enable the DFM’s general index to rise towards a range of 3,196 and 3,368 points.

Meanwhile, senior financial analyst at MenaCorp Issam Kassabieh forecast that banking stocks would be foreign investors’ top priority in the coming sessions amid positive profit guidances for banks.

Real estate stocks are expected to see strong gains in the coming period on the back of the newly-announced incentive packages by UAE President Sheikh Mohamed bin Zayed, the analyst said.

Kassabieh further highlighted that the Saudi market’s upcoming upgrade to an emerging market index this week was likely to draw some of the buying momentum from GCC bourses.

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