Wednesday 28 July 2010

Sentiment towards UAE stocks improves

The United Arab Emirates’ bourses are in a funk. Abu Dhabi and Dubai’s stock markets are the two worst performers in the Gulf this year, having lost 7 per cent and 16 per cent of their values respectively.

During the past three years the MSCI UAE index has now shed 23.5 per cent, the most in the region after Bahrain’s small, illiquid bourse.

The near-term outlook is hardly encouraging, either. The anaemic summer trading volumes will make it hard for markets to find traction, and Dubai’s financial problems are likely to continue to cast a cloud over the country for the foreseeable future."

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