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UAE stocks closed up 3% last week and stood 14% higher than at the start of the year. Trading volumes are also more than double what they were a year ago.
The floor of the Dubai Financial Market was a lively place last week, with investors - largely dressed in white - sitting on sofas in the centre of the floor, and the brokers - largely, though not all, dressed in suits - busy at their screens executing trades. A few Omani visitors asked for guidance to find the DFM.
Strong earnings in Q1 are now expected to push share prices higher, say analysts. But with the UAE bourse as a whole on a price to earnings ratio of just 15, there is plenty of movement to come in a revaluation of prospects.
Shuaa Capital for one believes that the p/e ratio will shift upwards during 2004 taking share prices with it. There are simply few clouds on the horizon for UAE economy, and plenty of good news to come.
High oil prices, huge investment levels ($50 billion in Dubai real estate by 2010, $30 billion into Abu Dhabi by trustworthy estimates), and that undeniable animal spirit of confidence; these factors underpin an already ultra-solid economy.
So we can expect more weeks like the last one on the UAE bourse. Every market has its day!
UAE stocks up 14 per cent this year
The UAE stock market enjoyed strong upturn last week with enthusiasm about the outlook for share prices in the emirates beginning to gather momentum.
United Arab Emirates: Saturday, April 10 - 2004 at 08:46
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Peter J. CooperSaturday, April 10 - 2004 at 08:46 UAE local time (GMT+4)
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This Article was updated on Saturday, May 26 - 2007
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