Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

UAE equities to stay bullish  Join our daily free Newsletter

MENAFN - Khaleej Times - 15/12/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) The UAE stock markets will maintain the upward trend in near term and enters 2014 on a high note as investors are expected to pour investment in key scripts in banking, real estate and construction sectors.

The fund managers and analysts say the market is likely to further strengthen its position next year in the wake of positive economic indicators and strong recovery in real estate sector. They say equities are well positioned to capitalise the gains on sustainable basis after securing Expo 2020 bid and its formal inclusion in Morgan Stanley Capital International (MSCI) Index next year.



Omniyat Group executive chairman and chief executive Mahdi Amjad said that a combination of factors - Dubai Expo 2020 and recent mortgage regulations - would trigger higher growth for the real estate industry in Dubai next year.

Shailesh Dash, chief executive of Al Masah Capital Management, said outlook for the UAE stock markets is strong, but it needs fresh catalysts like developing of an IPO market to sustain the upward trend for a longer term.

"Given the rally seen in 2013, our outlook on the stock markets is similar to our general outlook which is that 2014 will be a further validation of the recovery cycle and a consolidation of the gains seen this year," Dash told Khaleej Times.

The Dubai Financial Market's General Index surged 4.79 per cent last week while trading volumes surged to 639.86 million shares on the weekend. The Abu Dhabi market also recorded 1.55 per cent growth with a steady rise in trading volumes.

Emaar Properties led the rally in real estate sector with 13.05 per cent increase in its share value to Dh7.36. Deyaar shares climbed 9.58 per cent while Arabtec and Union Properties stocks rose 4.18 per cent and 2.85 per cent, respectively.

In banking sector, Dubai Islamic Bank and Emirates NBD advanced four per cent and 1.63 per cent, respectively.

Saleem Khokhar, head of equities at National Bank of Abu Dhabi's Asset Management Group, said last week that real estate and banks are likely to continue to attract investor attention in coming days.

Dash said the regional markets should look forward to the MSCI inclusion of Qatar and UAE, as this event will provide support and a psychological base throughout the year. However, he said the proposed tapering of the Federal Reserve's asset purchase programme may have a negative affect on emerging markets.

"We believe the tapering off when it starts in USA will have a negative affect on most of the emerging markets, thereby sentiments for the GCC markets as well. But, we strongly believe the fundamentals of the GCC stock markets is very strong and any such decline should provide a great opportunity to increase stakes in the local markets," he said.

To a question, he said Dubai's rally would need fresh triggers, as it's a thin market with only 10 stocks providing the bulk of the gains.

"The UAE in general needs the IPO market to really pick up and they need the new IPO's to happen here and not be transplanted to London. We feel very strongly that a strong extension of the 2013 rally will be based on a strong local IPO pipeline," he said.

In reply to a question, he said integration of UAE markets will be a step in right direction and will boost the investor sentiments in the region.

"We are heading in the right direction and similar to the MSCI saga, we think eventually all the boxes will be ticked and the powers to be will give the final blessing. Whenever it happens in 2014, it will be viewed very favourable and become a key catalyst alongside the MSCI inclusion. But like the MSCI process, we have seen many stops and starts so we temper our expectations and hope to be pleasantly surprised if it does happen soon," Dash concluded.

 


Khaleej Times




  MENA News Headlines
 Oct 24 2014 - Saudi- Rem Sibug leads winners in InterCon Monthly MedalArab News
(MENAFN - Arab News) Talented Filipino young golfer Christer Rem Sibug was back in winning mode after a vacation in his native Philippines when he claimed the centerpiece A-Division title last Friday ...

 Oct 24 2014 - Saudi- Lifebuoy bowlers strike double in Mobily CupArab News
(MENAFN - Arab News) Lifebuoy bowling team made an impressive start to the Thursday League 12th Conference for Mobily Cup winning a Team of the Week and Bowler of the Week double at the Bowling City ...

 Oct 24 2014 - Saudi- Alaska Aces trump Purefoods 93-73Arab News
(MENAFN - Arab News) MANILA: Everything was going well for debuting reigning Grand Slam champion Purefoods on Wednesday night until the Star Hotshots known last season as the San Mig Coffee Mixers ...

 Oct 24 2014 - Malaysia charges 3 with supporting ISArab News
(MENAFN - Arab News) KUALA LUMPUR: A Malaysian court on Thursday charged three men with supporting the Islamic State (IS) after they were arrested while attempting to leave the country to join the ...

 Oct 24 2014 - Corruption 'paralyzes' Ukraine: PoroshenkoArab News
(MENAFN - Arab News) ODESSA Ukraine: Corruption is 'paralysing' Ukraine's economy President Petro Poroshenko said Thursday on a pre-election visit to the country's most important sea port.Poroshenko ...

 Oct 24 2014 - New Swedish govt steps up spendingArab News
(MENAFN - Arab News) STOCKHOLM: Sweden's new left-wing government presented Thursday its 2015 budget with the Nordic country's largest deficit in nearly two decades as it seeks to boost employment ...

 Oct 24 2014 - Canadian PM vows tougher security laws after attackArab News
(MENAFN - Arab News) OTTAWA: Canadian Prime Minister Stephen Harper pledged more surveillance and detention powers for security forces in Canada on Thursday after a gunman killed a soldier and ...

 Oct 24 2014 - Unrest casts doubts on Nigeria's 'cease-fire' with Boko HaramArab News
(MENAFN - Arab News) KANO Nigeria: A deadly bombing in northern Nigeria and new details about kidnappings at the weekend blamed on Boko Haram cast further doubt Thursday on the government's claim ...

 Oct 24 2014 - Ebola still of 'great concern' in W. Africa epicenter: WHOArab News
(MENAFN - Arab News) GENEVA: Top experts on the Ebola virus raised grave concerns Thursday about the worsening epidemic in west Africa as the number of people with the disease neared 10000.The World ...

 Oct 24 2014 - Tunisian cop killed in clash with militantsArab News
(MENAFN - Arab News) OUED ELLIL Tunisia: A Tunisian policeman was killed and another wounded on Thursday when security forces clashed with militants on the outskirts of Tunis three days before ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help