UAE stock markets have enjoyed a brief rally of more than 20 per cent since the worst point of the regional unrest last month when Saudi protests were threatened that did not materialize. This relief rally is likely to fade as investors take profits and sell before May and go away.
The National Bank of Abu Dhabi brought investors down to earth with a bump yesterday, posting a 10 per cent fall in first quarter profits, down to $252 million due to write-downs against non-performing loans.
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