"It’s like being on a roller coaster ride for investors in several equity markets in the Persian Gulf region this year: after a sharp early-year high, stocks finished the first half with an equally steep, and sudden, fall. And investors still strapped on, have started the second half with another exhilarating rise.
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| Dubai shares rallied nearly 8% on Wednesday – the market is up 30% ytd. Zawya.com |
Dubai, of course, has provided the most entertainment. Its main stocks index jumped more than 3% on July 1, after tumbling some 22% last month – but the slide started after the market hit a multiyear high heading into an MSCI emerging markets upgrade. Its neighbour Abu Dhabi and Qatar’s markets have charted similar courses over the period, just less thrilling.
The U.A.E. and Qatari markets have, for several reasons – including the MSCI promotion and strengthening economies – attracted the most crowds thus far. But many investors got off, or were forced to, after that sharp fall in June. They won’t be in a hurry to get back on, or may look for an easier ride."
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