Business | Markets
Market rebound brings mixed reactions
Investors cautious but express optimism that they will recover the losses they suffered.
- By Binsal Abdul Kader, Staff Reporter
- Published: 00:55 October 21, 2008
Dubai: Investors at the Abu Dhabi Stock Exchange had a reason to smile on Sunday following the slight improvement in the financial market.
People clapped frequently to welcome the rebound of certain shares. Investors expressed optimism and were confident that they will be able to recover the losses they suffered during the past weeks.
Still, some of them approached the positive developments cautiously. They said the strategy of some prominent property companies in the country will play a crucial role in the coming days.
Badruddin Bakit, 50, a Sudanese, said he is happy to see the positive developments after the disheartening experiences of the previous weeks.
"I know several investors who have been jailed after purchasing the shares on overdraft. They were either unable to pay the brokers or to resell their shares," he said. He was fortunate to escape these hardships thanks to the support of his other businesses.
Mohammad Obaid, 35, an Emirati, said although the market has improved, it needs an investor's full time attention to avoid losses. "You cannot assign your bank or broker to do the business at this volatile stage," said Obaid. He said investors were happy because shares of some Dubai companies are doing well.
Fadil Al Qubaisi, 33, an Emirati, said the Abu Dhabi market improved because of the recovery on international markets. Although he suffered some losses, he is confident that he will recover them soon.
Ali Moideen, an Indian investor who entered the market at the beginning of the meltdown, said he made enough profits out of "the cheap shares. Today I got Dh15,000 in a single trade. I invested Dh1.5 million at the beginning of the meltdown, when everybody was hesitating to enter the market," he said. He added that the good performance of property companies like Emaar has brought cheers to the market.
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