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Sunday, 11 September 2011

UAE markets to look to US for cues - The National

With little vibrancy in the UAE's markets and trading levels depressed, efforts to revive the US economy and their effects on the price of oil are expected to be the driving force for local markets this week.

There was no post-Ramadan bounce in the UAE this year. The value of stocks traded on the Dubai Financial Market in the first week of business after Eid Al Fitr was less than one quarter of the value of trading during the same period last year, while the value of trading in Abu Dhabi was just 12.9 per cent of the value in the same period last year.

Other Gulf markets including Saudi Arabia and Qatar registered large increases in traded volume, even though stocks in those countries were battered by convulsions on world equity markets last month.