Gulf stockmarkets are poised to extend gains this week amid increased optimism after world markets last month had their best run in 18 years.
The Abu Dhabi Securities Exchange General Index and Dubai Financial Market General Index last month rallied 6.1 per cent and 3 per cent, respectively, outperforming Gulf markets. That came at a time US economic growth showed signs of accelerating and European policymakers moved closer to a resolution on the region's debt crisis. UAE equities were also helped by strong corporate earnings in the fourth quarter and generous dividend payments from local companies.
"We have witnessed higher trading activity as cash moves into the equity markets," said Rami Sidani, the head of Middle East and North Africa investments at Schroder Investment Management, in Dubai.
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