Dubai: Stock markets in the UAE, which fell as much as 72 per cent last year, are likely to rise 21 per cent in 2009 as confidence begins to recover in the second half of the year, Shuaa Capital said on Sunday.
"Negative economic and corporate news flow will present a headwind for stocks throughout 2009, setting a grim mood, especially during the first half of the year," the investment bank said in a note.
"But a sluggish economic recovery towards the second half of the year will allow the UAE markets to record gains of around 21 per cent in 2009."
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