Investors rely on patience as they wait for tide to turn

Abu Dhabi: "I lost over 50 per cent of my savings which I invested in the market," said Mohammad Ganem, a retired Palestinian who is now an investor at the Abu Dhabi Securities Exchange.

Having worked for over three decades for an oil field company, Ganem invested his own money and did not take any loans to invest. Nevertheless, the global market crisis has affected his family and life, he said.

"Today, the situation seems to be improving and the numbers are definitely better than Thursday," he noted, saying that hope is all he is clinging to.

"All of us hope that the situation will turn around at the earliest," he said, holding a tasbih (prayer beads) in one hand and looking at the computer screen before him.

"Improvement is slow, it might take us one year to get back what we have lost," he added.

Saeed Mohammad, a Yemeni investor who works as a manager for a private company, said that he has full faith that the market will rebound.

"The market has its own correction methods and I am confident it will come back up again."

In Dubai, investors said the fluctuating market does not give them much hope although share prices rose slightly yesterday.

"Until there is a significant change in the international financial scenario, our market will not gain. We are all waiting for a positive change to regain our losses," said Abdullah Hussain, a Pakistani investor. He said he has lost over 30 per cent of his investments.

Fahim Usman, another investor, said shares of blue chip companies are safe to buy now for those who are ready for a long-term investment.

"This is the right time to buy for those who are ready to wait until the new financial year.

"Until then the prices will keep fluctuating before there will be a rebound," said Usman.

Balachandran, an Indian investor, said those who have taken loans to invest in the share market are the ones who are selling in panic now.