As the first quarter of the year draws to a close, investors are looking ahead to the announcement of corporate earnings for the period. In the United Arab Emirates, they are seeking justification for the sharp rally in local stocks over recent weeks.
The Dubai and Abu Dhabi markets have been dominated by retail traders and speculative buying, so any disappointment in the quarterly numbers could shake newly acquired confidence.
Dubai's benchmark is up 22 percent year-to-date, although it is still down 74 percent from its peak in early 2008. Abu Dhabi's index has risen about 8 percent so far this year, leaving it down 49 percent from its peak before the financial crisis.
No comments:
Post a Comment