There has been a rush of speculative money from retail investors into penny stocks in Dubai recently but the party may be near its end.
Penny stocks have had the biggest gains this year as investor sentiment has picked up and the Dubai Financial Market General Index has rallied by about 30 per cent in the year to date.
"Retail-favoured penny stocks (mostly small caps) are at risk of a sharp correction once momentum subsides," EFG-Hermes said in a statement.
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