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Wed 9 May 2007 01:36 AM

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UAE turnaround as markets recover

Markets across the region are showing strong signs of recovery, say analysts.

Gulf equity markets are showing strong signs of recovery, leading to a likely turnaround for UAE shares, Gulf News says today.

The Dubai Financial Market (DFM) gained around 2.5 % in April after an 11% fall in March. Year to date, the DFM index is down 4% while Abu Dhabi has gained almost 4%.

"On the first day of trading this week the market moved up 2.2 per cent. At the beginning of this year, we said the current market conditions are ripe for deriving higher value and we believe that such broadbased rallies are positive for the market sentiment and a sign of recovery," said Shehab Gargash, managing director of Daman.

"Majority of the regional equity markets had positive returns during the month with Qatar gaining

7.7 per cent over the previous month while Kuwaiti market continued its gains driven by continued excitement in the telecom sector and Oman gained 4.4 per cent," said a report from Rasmala, a DIFC based investment bank.

The Saudi market continues to be an exception to the regional upward trend with the Tadawul Index slipping three per cent to take its year to date losses to 6.4 per cent.

First quarter corporate results have been mixed, with banks and insurance companies generally reporting lower year on year profits, but with strong growth in other sectors.

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