Sell in May and go away was not good advice for Gulf equities this year. Instead local equities carried on upwards. The Abu Dhabi Securities Exchange General Index is up 10.4 per cent since January, and the Dubai Financial Market General Index is up 22.2 per cent.
Global stock markets have shown similar levels of optimism but not for good reason. The global economic climate has been deteriorating, except for a few green shoots of recovery in the election-year US. Q3 profits from the likes of Google, Microsoft, IBM, Alcoa, General Electric and MacDonalds bare witness to the impact of the global slowdown.
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