Markets across the Middle East continue their Ramadan lull, staying flat across the board as trading opens for another week.
In Dubai, companies are waiting for the results of the second quarter, due any day, while in Egypt markets remain stable despite the lifting of energy subsidies a week ago.
The Dubai Financial Market (DFM) has traded relatively flat today closing at only a 0.10 percent increase in value - following a slew of volatile weeks.
Gulf Finance House, an Islamic Investment Bank in Bahrain rose by almost 15 percent, while Arabtec's shares went up by 0.95 percent.
Market confidence in the construction firm Arabtec is slowly returning after a tumultuous few weeks of internal problems for the company and the markets look to be responding to the company's boost.
Mohammed Yasin, from National Bank of Abu Dhabi Securities, explains that markets are now trying to find their footing.
"I think markets are trying to find their way since the volatility that we've seen over the past June and then the first let's say week in July. Markets are going in a range, they're trying to stay above the 4,000 for the DFM and trying about the 4,500 points index, try to test the 4,600 but the volumes are much lower," he explains.
Yasin says that it is speculators, rather than long term investors who are dipping their toes in the water.
"It's still Dubai, companies like Arabtec and Gulf Finance House, Emaar was there today, it reached a high of 978 before going back down to 950 which really tells us that, I think, the speculators are the ones who are around in the market, they are not the long-term investors."
Companies are waiting to get the results for the second-quarter, due to be announced anytime between today and 15 August 2014.
Yasin explains that for the markets, the results of real estate developers like Emaar, Al Dar Properties and Arabtec, or telecommunications companies like Etisalat or Du, are just as important as those for the various banks in the country.
Al Dar Properties, one of Abu Dhabi's largest real-estate developers, has just appointed Mohammed Khalifa Al Mubarak as Chief Executive Officer.
As rental and purchasing prices of property continue to soar in Dubai, many real estate analysts anticipate a correction in the real estate market during the summer.
"Between those companies altogether I think we'll have 75 to 80 percent of the market cap and therefore that's what's going to dictate the direction," says Yasin.
But he maintains that the market could do with a surprise to give it a boost.
"What we really need is positive surprises, if you maintain the same kind of growth we've seen in Q1 (the first quarter) I think it's gonna have a neutral effect on the market, it's the positive, or unfortunately if it comes, negative surprise of results is what we see is a different movement from what we see at the moment," he explains.
Meanwhile, Egypt's stock market continues to remain in a Ramadan lull at its opening this week, with the EGX30 main index closing on Sunday at a loss of 0.66 points.
Traders say that the stock exchange typically slows throughout the month of Ramadan, when observers fast from sunrise to sunset.
Food and beverage companies are an exception, usually seeing gains during the month as families cook large evening meals to break their daylong fast.
Trader Nagla Farrag says Egypt's market place remained relatively sedate after its opening on Sunday.
"In the month of Ramadan there is a drop in the amount of trading, and this is indeed what is happening at this the moment. Perhaps it is only the real estate industry and the food and beverage industry that is most active, whereas the rest of the industries are not noticeably active," she explains.
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