Celebrated analyst Dr Marc Faber told ArabianMoney he thought that the UAE stock market is ‘probably in a bottoming phase’ rather than at the start of a major rally as some market participants clearly hope.
The 2.4 per cent rise in the Dubai Financial Market on the first day of trading after Ramadan was fairly subdued considering that the Dubai $23.5 billion debt deal had been finally announced at the weekend. Trading volumes doubled, but then they have been very low. Abu Dhabi stocks also gained but by even less than Dubai.
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