After closing February on a strong note, the first week of March saw buyers doubling down and momentum continuing this current upswing, according to a recent market report released by Al Masah Capital, a leading Dubai-based alternative asset management and advisory firm. Supported by favourable triggers such as oil prices heading towards $40 and global markets rallying, regional markets had enough ammunition to show that the positive movement witnessed in February may not be a onetime fluke.
“The regional average weekly gain of 2% was led by Dubai and Abu Dhabi both each rising 4% while Saudi supplanted Qatar as the recent sidekick to UAE and also went up 4%. Qatar wasn’t far behind with a 3% rise while Egypt treaded water. Given that this is the first concerted effort by buyers to re-establish their grip on the market after a very long time, market observers are willing to see how long they can sustain it,” the report noted.