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'No stock market crisis' in Dubai, says Daman CEO
- United Arab Emirates: Tuesday, January 06 - 2009 at 13:38
It is too early to tell if the Dubai Financial Market, which fell 72.4% last year, has hit rock bottom, Shehab Gargash, CEO of Daman Securities, told AME Info. 'Has it reached the bottom? I'm not sure I can answer that with a yes or no. Up front you would think it has, because it has gone down so much. On the other hand, I would want to see company results for 2008 and see some semblance of normalcy back in the economy,' he said. Gargash believes we are facing an economic crisis, not a stock market crisis. The good news, he contends, is that when the turnaround starts, it is usually the stock market that feels the positive effects first.
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Jeff Florian, Senior ReporterTuesday, January 06 - 2009 at 13:38 UAE local time (GMT+4)
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