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Join Date: 27 Oct 2010
Location:  QatarPosts: 404 |
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UAE markets likely to open on a strong note |
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UAE markets likely to open on a strong note
Abu Dhabi: The regional stock markets are expected to open in the new year on a positive note, supported by strong international oil prices which are trading well above $90 (Dh330.57) a barrel and bullish sentiments on the global markets that suggest stocks are going to rally, near-term, say market analysts. "The regional markets, mainly Saudi Arabia, are going to get support from high oil prices. Qatar's market is also bullish. Kuwait's market will likely be range-bound. As regards the UAE, there's a strong support level for the DFM index at 1,600 in the Dubai market and at 2,700 for Abu Dhabi," Mousa Haddad, head trader with the National Bank of Abu Dhabi Asset Management, told Gulf News. Market analyst Ahmad Hamdy said the trading volumes on the regional bourses are going to be low in the early part of the new year due to several market participants staying away from active trading in the markets. "However, there's a bias towards a strong rally in the near-term," Hamdy added. The Dubai Financial Market (DFM) index closed 0.54 per cent higher at 1,630.52 on Thursday. The same day, the Abu Dhabi Securities Exchange general index closed 0.65 per cent higher at 2,719.87. The US stocks closed out a year of double-digit gains and the S&P's best December since 1991 with a quiet and little changed session on Friday |
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