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Wealthy investors push UAE stocks up
Fundamental change in the market may still be absent but stocks show people are buying on expectations.
March 24, 2011 5:09 by Reuters
Nevertheless, he urges investors to be cautious, with Dubai’s index up 4.8 percent since March 3’s six-year low. Qatar’s index edges up 0.2 percent to 8,308 points, halting a three-day fall.
Qatar National Bank rises 0.5 percent, while Qatar Gas Transport Co (Nakilat) adds 1.7 percent.
“Qatar is very calm and fundamentals are strong, but investors are trying to get a clearer picture on Q1 earnings – Qatar companies usually report their numbers in the first couple of weeks after the end of a quarter,” adds Jaouni.
“Qatar is building support at 8,250 points and it can move up towards to 8,500, but maybe not for some time.”
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