REGIONAL MARKETS LIKELY TO MOVE SIDEWAYS AFTER EID

Saturday, Nov 20, 2010
Analysts say global uncertainties will reflect in this week’s trading

Abu Dhabi Resuming trade after the Eid holidays, regional markets are expected to move sideways and take their direction from the developments on global fin-ancial markets in the week ahead, market analysts told Gulf News yesterday.

“The markets are expected to go sideways. The prices in these markets reflect the global uncertainties and have factored in the negative news. People will wait for news...the markets need a driver,” said Amro Diab, head of GCC institutional sales at EFG-Hermes.

“The markets will likely move in a tight range, with movements more on the downside than on the upside,” said Mohammad Ali Yasin, chief executive officer of Shuaa Securities.

Damping the bullishness on global financial markets is the report that China may impose temporary price controls to counter the fastest inflation in two years, the government said on Wednesday. Price caps on “important daily necessities” and production materials will be used if necessary, the State Council said on its website. As well, there are fears the People’s Bank of China may raise borrowing costs as efforts to cool inflation with subsidies, sales of food reserves and price controls are likely to prove insufficient.

Last week US stocks avoided a second straight weekly drop as higher-than-expected corporate profits and Caterpillar’s acquisition of Bucyrus International outweighed concerns about China’s decision to cool inflation. 


Source: http://www.zawya.com/story.cfm/sidGN_20112010_211141?q=moving%20news




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