Young investors enter market, lured by cheap stock buys

Dubai, Abu Dhabi: It is selloff season at the stock market, and as shopaholics often do, new investors are rushing to buy stocks in what they say is a rare opportunity for small and inexperienced investors to play with the big guys.

While the global financial crisis has destroyed many lives with billions wiped off the markets in just a few days, new and young investors are flooding local markets to get their hands on much sought-after stocks previously considered to be the domain of the wealthy.

There was a sense of excitement among the newcomers, many of whom felt that the share prices of some major companies had offered an opportunity that could not be missed.

Hassan Al Sa'adi, a 23-year-old government employee, said he was investing for the first time. "The current market situation has finally enabled me to invest. I've been monitoring the market and think it's time to enter," he said.

Cashing in

"The shares of well-known companies have come down drastically. That triggered my interest," said Esmail Mohammad, a Syrian engineer. "Of course, I'm sure this crisis will not last long."

Amidst the jittery market situation in the past days, some stock prices finally started to rise.

"I am totally new to this place," said Mubarak, a first-time Emirati investor. "Now that the prices are so low, there is nothing to lose. My brother has been investing for a few years and advised me to try my hand."

Naser Al Sehli, a Saudi Arabian resident of Dubai, said he had been monitoring the Dubai Financial Market for a couple of days, and was waiting for the right time to enter. The market's size and lack of stability, he said, made it attractive for people like him. "Dubai is probably the best market in the Gulf for newcomers, especially now. I never imagined that some of these shares would be so cheap," he said.