UAE markets seen muted ahead of long weekend
Please click to enlarge the image.
Markets in the United Arab Emirates are seen lacklustre on Thursday, with investors reluctant to hold stocks ahead of a long weekend that includes elections in Egypt and Greece.
"We're set up for a day of pretty low volumes, drifting slightly lower - hopefully we'll manage to stay awake throughout the session," says Ibrahim Masood, senior investment officer at Mashreq Bank.
Egypt will return to the polls on June 16-17 to elect a new president and investors hope a peaceful vote will boost Cairo stocks next week, while a leftist victory in Greece's election could ultimately force the country out of the euro.
"In the rest of the region, there's a complete lack of any serious news flow, so by process of elimination investors are focusing on global markets."
Asian shares are down Thursday as weak U.S. retail sales data raised fresh concerns about sluggish economic growth, while an Italian debt auction later in the day will test market confidence in whether Rome can avoid becoming the next victim of the euro zone crisis.
UAE markets will be closed Friday to Sunday inclusive.