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Investors ready to trade as nine-day breather ends |
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12/10/2008 9:28:12 AM |
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There are signs that the nine-day holiday that started on December 2 was a good breather for UAE investors ahead of the opening of markets tomorrow.
As one brokerage revealed, some of its customers, who have been lying quiet for some time because of continuous losses, had been calling to inquire when they could deposit some money in their accounts.
"If an investor watches the market go south every day, he loses his steam and such a break helps," said Vyas Jayabhanu, head of Al Dhafra Financial Brokerage.
"Now they are starting to calculate their risk and wondering how much to put in different stocks. What I feel is that investors will be cautious tomorrow."
UAE markets are poised to open on a positive note when trading resumes tomorrow, helped by several governments around the world announcing stimulus packages.
However, being a Thursday, one day before the markets go into the weekend, volumes are expected to be thin.
The markets had shown signs of a slight recovery before the break, particularly the Dubai Financial Market General Index, which gained nine per cent during a five-day run.
"It was a good breather, and this certainly helps people to calm down and look around and maybe feel like it is not a doomsday day," said Haissam Arabi, chief executive of Gulfmena Alternative Investments, a hedge fund under formation.
"In terms of expectations, right before the close the markets started showing signs of recovery, but not decent enough to say 'Oh, people are going to take some major profits.' I don't think so. But I think this is potentially a good sign. There is a greater chance of the market opening up than down."
There were a couple of positives at the start of the week and depending on how they play out today and tomorrow, local markets will accordingly respond.
Oil prices remained weak despite the anticipation that Opec will announce a big production cut soon to stabilise prices. |
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Source: Zawya.com |
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