The region’s stock markets are likely to gain this week, say experts on the back of some strong second quarter corporate earnings - several of which exceeded analysts’ expectations, global oil prices gaining traction and euphoria generated by latest the US employment data, which showed the world’s largest economy added 163,000 jobs in July.
“The markets should open on a positive note on Sunday. We saw significant foreign inflows in Dubai in July predominantly focussing on Emaar, which spilled over to other core companies in the UAE such as Aldar, Sorouh, Drake & Scull, First Gulf Bank and Abu Dhabi Commercial Bank,” Anastasios Dalgiannakis, Head of Trading at Dubai-based Mubasher Financial Services told Gulf News by telephone.
“We expect retail activity to pick up post-Ramadan...the market should continue to remain supported, assuming a benign international environment,” Dalgiannakis added.
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