Dubai stocks fell to earth today closing 4.5 per cent down at a level below the lows of last summer and not seen since 2004, before the stock market boom of 2005.
In 2005 the Dubai Financial Market was the best performing stock market in the world. It crashed in 2006 to record one of the world’s worst performances that year and has been bumping a long the bottom since then.
The ArabianMoney newsletter out today (sign-up here) argues that the DFM will reach a true market bottom by the summer. By then global stock markets should have corrected sharply due to higher oil prices and that process will subsequently bring oil prices down alongside Dubai share prices as in late 2008.
No comments:
Post a Comment