Cathrine Fox Comments in Reaction to Greek Election

January 26, 2015

On January 26, the Dubai Financial Market plummeted to a low 3.60 percent to 3,723.21 points. This was on the heels of a landslide victory of the extreme leftists during the previus day’s Greek elections. This also came after the oil prices fell to the lowest ever over a six year period.

SHUAA Capital remained steadfast when the investment bank closed at AED0.70
Aramex on the other hand gained against the trend and at the end of the day closed 1.30 percent higher at AED3.12. The online retailer Marka advanced even better when it finished the day at four percent higher at AED1.30.
Dubai Islamic Bank lost the most of their liquid share, with an end of 5.71 percent to AED6.60. Emaar headed downhill by 5.25 percent to AED7.04.
On the day’s returned volatility present in global markets, Caroline Fox, the Chief Economist from Eastern Capital Fund Ltd., replied in an emailed statement: “The size of Syriza's win, and its initial moves towards a coalition with the Independent Greeks, suggest that leader Alexis Tsipras will start off playing hard ball with the Troika."

“But Greece's economy and financial system remain dependent on external funding and a compromise deal is still the most likely outcome. The gap between Syriza and the Troika is wide, however, and the path towards agreement remains unclear. Against this background, markets are likely to remain nervous, though QE may provide comfort in the meantime.”

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