UAE markets heading for stability
Slowly improving signs of global economic recovery and rise in oil prices have been proving fruitful for the crisis ridden UAE economy. However, a lot of needs to be done yet as the economic uncertainties have not been over yet and the delay in Dubai World's restructuring is compounding the problem.
Khaled Akl, the head of research at Abu Dhabi Commercial Bank expressed, "Results of both the financial sector and property sector have come out and the numbers were not promising."
Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange (ADX) have started journey toward stabilization though they are still trading 16 per cent and 7 per cent lower. Both indices recovered by 6.64 per cent and 5.58 per cent respectively until February 11 after hitting the year's low in January.
Meanwhile, net profit of most of the leading companies remained under pressure as indicated by 138 per cent and 59 per cent fall by Abu Dhabi Commercial Bank (ADCB) and CBI respectively. However, investors gave positive response to the ADCB shares that rose 38.69 per cent respectively despite decline in net profit.
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