Business | Markets
'I earned Dh200,000 in just one day'
"I earned Dh200,000 in just one day," Ali Mohideen, an Indian investor, said gleefully, as he checked the prices at the Abu Dhabi Securities Market yesterday morning.
- By Rayeesa Absal, Staff Reporter
- Published: 00:27 October 10, 2008
Abu Dhabi: "I earned Dh200,000 in just one day," Ali Mohideen, an Indian investor, said gleefully, as he checked the prices at the Abu Dhabi Securities Market yesterday morning.
On Wednesday, while long-time investors took a blow from falling prices, new investors like Mohideen were "blessed with a once in a lifetime opportunity", he said.
"I had invested Dh1.5 million seeing the market trend. Soon as I saw the prices falling, I understood that this is the right time to invest," he said, adding that he also got cues from friends who are investors.
"Yesterday the prices started improving and I am happy with the profits. In all, I did 15 transactions which included both buying and selling."
While stock market woes have caused tremendous problems for many people, they have also helped new people step in, he noted. "Earlier there was too much competition and the profit margin was small."
Apart from his new-found profession as an investor, Mohideen partners few businesses. His family comprises his wife and seven children.
Advising newcomers to buy low-cost shares and sell them off when prices improve, he said: "Even if one does not sell when the prices improve, they can get profit shares. I hope to double the money I have put in very soon."
He will continue investing, he said, noting that keeping money stagnant at a time like this is the worst thing one could do. Though he has no specific plans for the profits he earned, he said he will tread carefully while investing.
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