Business | Markets

Stock investors cheer cash injection move

It was all smiles at the stock market as share prices continued to surge for the second consecutive day, and people have started investing again in shares but with a degree of caution.

  • By Anjana Sankar, Senior Reporter
  • Published: 23:50 October 14, 2008
  • Gulf News

Dubai: It was all smiles at the stock market as share prices continued to surge for the second consecutive day, and people have started investing again in shares but with a degree of caution.

Investors said they are confident that the heydays are back, and hailed the UAE government's decision to prop up the financial sector by pumping in billions of dirhams.

New entry

The upbeat mood has also encouraged new investors to enter the market, which is showing signs of a rebound.

Ali Khamis, 27, an Emirati investor said he has brought shares for the first time yesterday as he is confident that the share prices will continue to rise in the coming weeks.

"This is the right time to buy. After the government has announced its support to the banking sector, there is no doubt that Dubai's financial scene offers now reason to worry," said Ali.

Fatima Shahbazi, an Iranian dentist, who used to trade in shares until two years ago, said she is also re-entering the market as prices are low.

Investors like N.P Balachandran were all cheers as he recovered all his losses in the last two days when share prices surged.

Mohammad Inayeh, a Syrian investor said investors are more relaxed now as confidence has been restored in the stock market.

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