UAE stocks get double-upgrade on broad recovery hopes | ZAWYA MENA Edition
Stocks in the UAE have received a double-upgrade from Morgan Stanley on the ground that they are highly exposed to a broad recovery.
The US multinational investment bank argues that the recovery of UAE bourse is possible as the positive virus vaccine news remains “far from priced.”
Shares listed in Dubai and Abu Dhabi bourses, which are lagging emerging-market peers this year, got a double-upgrade to tactical overweight as their exposure to cyclical sectors including tourism, leisure and financials — a burden during the pandemic so far — stands to benefit from upcoming vaccines, Morgan Stanley strategists including Marina Zavolock and Regiane Yamanari wrote in a note.
The bullish outlook for the UAE stocks came as Dubai’s main share index added about 0.3 per cent on Wednesday, with Dubai Islamic Bank and Dubai Investments leading gains, putting on 0.9 per cent and 1.7 per cent respectively.
No comments:
Post a Comment