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The barrage of recession-busting measures by governments is raising hopes that the worst of the global financial crisis is over, and a recovery, while slow, is in the offing — and as investors focus on the upcoming first quarter results, said regional investment banking company, Rasmala Investments Limited in its regional market review.
Rasmala said the UAE markets chalked up another gain of 7 per cent in March. Investors in the Middle East’s second largest economy were heartened by several refinancing deals by Dubai’s state-owned companies, along with bond issuances by both Dubai and Abu Dhabi to aid financially-challenged companies.
Both UAE markets enjoyed a strong rally in the second half of March and the first week of April. Dubai and Abu Dhabi bourses were paced by largely oversold property and construction stocks such as Arabtec Holding, Emaar Properties and Aldar Properties, followed by select large cap banking stocks like the National Bank of Abu Dhabi, First Gulf Bank and Dubai Islamic Bank.
Saudi Arabia, the largest MENA market posted gains of 7.28 per cent in March, reducing its year-to-date losses to around 2 per cent.
The equities market in Kuwait gained nearly 5 per cent in March, trimming its losses this year to about 13 per cent. Investors in Kuwait are keeping an eye on the progress of government plans to prevent defaults and bankruptcies, said Rasmala.
Qatari equities also rebounded from a very poor start to gain 10 per cent last month, but the market is still down 30 per cent since January, making it the worst performing regional market in the first quarter. Sentiment improved in March on oil price rallies and on government efforts to reinvigorate the banking sector.
Oman, the smallest market in the region, failed to ride on improving investor sentiment in the region, losing 5 per cent last March to rack up a 15 per cent loss since the start of the year.
Egypt, the largest market outside of the Gulf Cooperation Council, was one of the best performing markets in the region with a gain of close to 17 per cent, reducing its losses so far this year to below 9 per cent.
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