Abu Dhabi: The UAE’s equity indices again traded sideways on Tuesday as trading volumes began winding two days ahead of a long holiday weekend.

In Dubai, the total traded value reached Dh534.8 million, after having been around Dh1 billion in the past few sessions. The Dubai Financial Market (DFM) index rose 0.7 per cent to reach 3,333.73.

Investors were also in a wait-and-watch mode ahead of the Opec (Organisation of Petroleum Exporting Countries) meeting on Wednesday, which has been raising doubts on Opec’s ability to reach a deal to cut or freeze oil production.

Technical analyst Osama Al Ashry said he expected December to be a positive month for UAE equities, adding that he expected the DFM index to reach new highs in the first quarter of 2017.

“I think the DFM index may reach the 3,550 level in late December. It has been trading between 3,200 and 3,620 for the past six months and has mostly seen consolidation, so I expect a rise in December,” he said.

Al Ashry added, “I think most corporate earnings for the full-year 2016 will be above expectations even though they may be lower year-on-year. Companies are also likely to give out similar dividends to 2015, and then you have the US markets, which have been climbing. Fundamentally and technically, there’s no reason for the UAE markets to drop.”

The analyst also pointed that more preparations and projects will start coming up in late 2017 in Dubai for the Expo 2020, which will help boost real estate companies and hence, their shares on the market.

From a stock-specific perspective, Al Ashry said DFM-listed GFH is a good investment as share prices have a technical target of Dh2.24-Dh2.39. He said the stock may even reach Dh5 on the medium- to long-term.

GFH on Tuesday accounted for nearly 25 per cent of DFM’s total traded vales, with share prices up 5.23 per cent to reach Dh1.81, with the stock having rallied recently.

Most stocks on DFM were also in the green, though none of the blue chips were among the most actively traded stocks. Dubai Investments was up 3.18 per cent, DXB Entertainment rose 1.34 per cent, Amanat gained 2.69 per cent, and Arabtec rose 2.33 per cent after it announced the appointment of a new chief executive.

Meanwhile, the Abu Dhabi Securities Exchange (ADX) general index inched up 0.1 per cent to reach 4,261.23. On ADX, National Marine Dredging Company topped the gainers’ list as its share prices almost reached the daily cap for a rise, with a 14.9 per cent jump.

Of the 37 stocks traded on DFM, 24 went up, 11 went down, and two remained unchanged. Of the 26 stocks traded on ADX, nine advanced, seven declined, and 10 remained flat.