Markets to extend rally this week

13/09/2010 00:00 AST

UAE stock markets are expected to extend a rally this week as Dubai World’s multibillion-dollar debt restructuring deal boosts investor confidence in the region, analysts said.

Investors will take long-term positions in banking and real estate sectors as the Dubai World deal removes some uncertainty, they said adding that the trading volumes may mark significant improvement this week.

The Dubai Financial Market General Index has gained 7.3 per cent in September to 1,592.24 points on Tuesday. The benchmark index rallied 6.30 per cent last week, but it is still down 22 per cent in the past 12 months.

The Abu Dhabi Stock Market’s General Index also gained 37.20 points, or 1.49 per cent, to 2,531.72 points last week.

The benchmark index is expected to extend the bullish sentiment this week and may stage a strong comeback after the Dubai World deal.

“We may experience a small relief rally, but the longer term issues still centre around as our markets being weighted heavily to the real estate sector and that’s where we need to see a stabilisation in prices and an uptick in demand. Only then will we see the start of a sustainable market rally,” Matthew Wakeman, EFG-Hermes managing director for cash and equity-linked trading, told Khaleej Times.

“International investors are returning to the region but mainly to Qatar, Saudi Arabia and Kuwait right now as they offer more plays outside real estate,” Wakeman added.


Khaleej Times

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