Page 53 - UNION PROPERTIES GENERAL REPORT - April 2024_Neat

4/16/24, 9:47 AM UAE, Gulf investors cautious after latest Middle East crisis; gold's down, Bitcoin prices regain | Markets – Gulf News
"By close yesterday, the overall market cap was up due to gain in Saudi Aramco share

price that more than offset the broader decline in the region and in Saudi

Arabia." Also, some of the blue-chip UAE stocks remain close to their 12-month highs,
and the present moment would have been conducive for a measure or profit taking.

‘Buying opportunity’

“Apart from efforts for de-escalation, we believe that this reflects investor’s confidence

about sustained economic and corporate profit growth in the near term,” said Ansari.

“Any further decline should also be seen as a buying opportunity especially for specific

picks in banks and telecoms given the extended interest rate peak and delayed cuts.

These sectors should benefit from elevated profits expected in Q1-24 (results) and the
rest of the year.”

What will the Q1-2024 numbers have to say?

Another quarter of good results are expected, with some of the UAE banks being

among the first to announce the first financials of the year. Their numbers will hold up
as demand for credit remains on the higher side and there have been no interest

rate cuts to date. (Also, some of the blue-chip UAE stocks remain close to their 12-

month highs, and the present moment would have been conducive for a measure or

profit taking.)

https://gulfnews.com/business/markets/uae-gulf-investors-cautious-after-latest-middle-east-crisis-golds-down-bitcoin-prices-regain-1.1713162650345 4/7