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Gulf Dip May Tempt Bargain Hunters

Gulf Dip May Tempt Bargain Hunters

Bargain hunters may support Gulf markets on Tuesday as they target stocks sold off in early-week declines on regional bourses.

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April 10, 2012 2:52 by



Bargain hunters may support Gulf markets on Tuesday as they target stocks sold off in early-week declines on regional bourses.

All Gulf markets fell on Monday, with Saudi Arabia’s index extending losses after a call by the king for a crackdown against market manipulation spooked investors.

Brokers say this may drive away some liquidity, but lower volatility would be good for the market in the long run.

World stocks will also continue to play a significant role in shaping Gulf sentiment. Asian shares have struggled on Tuesday, with investors cautious after Chinese trade data showed the world’s second largest economy may be able to achieve a soft landing.

“It’s a question of how shallow or deep the (global market) correction will be and we will take a lead from that,” says Amer Khan, fund manager, Shuaa Asset Management.

“In UAE, as prices come down to bargain levels, I expect them to do well.”

Dubai’s index slipped 0.7 percent on Monday, trimming year-to-date gains to 21.8 percent, while Abu Dhabi fell 0.5 percent to be up 6.3 percent in 2012.

Analysts expect improved first-quarter earnings for the real estate and banking sectors.

Global investment House forecasts UAE banks’ combined annual profits will rise 22 percent in 2012 compared to a year earlier.

“Bottom-line growth is anticipated to be driven by drop in provisions, down 13 percent year-on-year, while top-line (growth) slows down to 3 – 5 percent due to pressure on spreads and dampened volumes,” it said in a research note.

Brent crude futures slipped towards $122 on Tuesday as a steeper than expected fall in China’s overall imports in March raised concerns about oil demand growth in the world’s second-biggest consumer.

(Reporting by Nadia Saleem; Editing by Matt Smith)



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