GCC investors urged to think short-term | GulfNews.com:
"Fund managers are playing safe ahead of Brexit vote, along with meetings of US Federal Reserve and Organisation of the Petroleum Exporting Countries (Opec) members.
Despite oil prices breaching the keenly watched $50 (Dh183) per barrel mark, Emirates Investment Bank (EIB) has trimmed its positions in the UAE and Saudi equities amid the anxiousness and is placing bets on short-term hedging strategies, which offers low yields as it expects volatility to spike up amid the upcoming events.
“We have been de-risking. We have trimmed our positions in the UAE and Saudi in line with our equity exposure globally. We won’t have any strategic positions between now and August,” said Nadi Bargouti, Managing Director of Asset Management at Emirates Investment Bank, adding, “Investors should get into defensive firms, reduce exposure to risky assets as much as you can.”"
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