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UAE Markets to Experience Short-term Rallies
DUBAI - The UAE markets will continue to experience short-term rallies under a bear market in the second quarter, EFG Hermes said.
EFG Hermes in its regional monthly review of equities under its coverage, said that Dubai and Abu Dhabi bourses ‘outperformed’ in the first quarter, but will continue to be shaky during the next quarter.
The UAE markets picked up towards the end of the first quarter, boosted by the announcement of the Dubai government’s $20-billion bond program, and the US Treasury’s plans for quantitative easing also supported the markets. The Dubai Financial Market inched up for a second month in March by 2.9 per cent, while the Abu Dhabi Securities Exchanged jumped by 4.7 per cent. “We believe the current pick-up in market activity is part of a bear market rally, and therefore, do not expect the momentum to last beyond one or two months.”
EFG Hermes said that for the second quarter, the key driver for the markets will be the earnings results—which it expected to be a mixed batch.
EFG Hermes rated UAE energy and telecommunications stocks to “overweight,” banks and industrials to a “slight underweight,” and real estate to a “strong underweight.”
It said it expects more negative news for the real estate sector, with more announcements of project cancellations, population contraction and financing issues. EFG Hermes retained its “modest overweight” position on Abu Dhabi real estate stocks Aldar Properties and Sorouh Real Estate. Dubai real estate stocks were rated “heavily underweight,” citing broad expectations of a markedly weaker first quarter earnings results as the real estate sector is reeling from a downturn.
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