DFM edges up, but investors still cautious

Dubai Financial Market (DFM) is showing signs of cautious optimism on Thursday after the steep fall witnessed during the past two sessions.

At 11.35am, DFM was at 1,679.66, up marginally by 5.84 points or 0.35 percent, as positive cues from Asia-Pacific markets seem to keeping investors sentiments afloat.

Out of 21 stocks being traded, 10 have advanced with Islamic Arab Ins., Gulf Navigation, DEPA, Takaful Emarat, and Dubai Islamic Bank, Emaar, among others as the lead gainers.

The market fell for an hour after it opened for trading but later stabilized.

Abu Dhabi Securities Exchange (ADX) was also trading flat. At 11.45am, the index was down marginally by 0.51 point at 2,755.36.

Almost all major Asia-Pacific indices are trading up on Thursday, as per the latest data.
Analysts believe concerns over global factors still remain the key determinants of the markets' movement globally, including in the UAE.

"Going forward, when the global markets start stabilising, that would give support to the local markets as well. Since there's a lack of local catalysts the local market looks for direction from global stock markets. When there is enough domestic catalyst, the UAE bourses are likely to look more at the local catalysts than global ones for direction," Chahir Hosni, Sales Manager (MENA equities), EFG Hermes said.