President Emmanuel Macron should have appointed a prime minister from their ranks, said the left-wing lawmakers
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Dubai Financial Market finished modestly higher for the first session in three, but volumes slump to a three-month low, with investors staying away amid ongoing uncertainty over the emirate’s debt position.
Emaar Properties, the Middle East largest property developer by assets, climbed 1.7 per cent and is the most active stock and accounted for more than a quarter of all shares changing hands in the index.
The DFM’s benchmark index climbed 0.7 per cent to 1,585 points. Index volumes fall to their lowest level since November 30.
“Dubai near a very strong support around 1,580 points, but we need to see a break above 1,615 before there’s anything to talk about,” Musa Haddad, head of MENA equity desk at National Bank of Abu Dhabi, said, adding: “There could be a move upward, but it would only be short term.”
“There’s no buying interest - uncertainty (over Dubai’s debts) is having a strong effect on UAE markets and at this point, nobody knows what’s happening,” Haddad said.
In the neighbouring emirate, Abu Dhabi ended lower for the first session in five as property and bank stocks slide, with investors shifting out of the UAE and into better performing regional markets.
Aldar Properties fell 2.8 per cent and Sorouh Real Estate lost 0.9 per cent. Banks also stumble where Abu Dhabi Commercial Bank slipped 3 per cent and National Bank of Abu Dhabi fell by 1.8 per cent, but banks are seen continuing to outperform their real estate counterparts.
“People would rather be in other sectors than real estate - banks have government support and are more solid,” Haddad said. The Abu Dhabi stocks’ index slipped 0.1 per cent to 2,727 points.
“Volumes are very low and a lot of money has shifted out of the UAE and into more promising other regional markets like Saudi Arabia, Kuwait and Egypt which also have more depth,” adds Haddad.
Abu Dhabi and Dubai have both declined year-to-date, while Egypt is up 9.3 per cent and Saudi Arabia and Kuwait have each gained more than 5 per cent.
The DFM on Wednesday announced that it will adopt a modified Tick Size system from March 11 that allows buy/sell orders up to three decimal fractions for securities with a market value below Dh10, and up to the second decimal fractions for securities with a market value above Dh10.
As per the new modification, Tick Size for securities below Dh10 will be changed from 0.01 dirham to 0.001 dirham, while Tick Size for securities above Dh10 will be amended from 0.05 dirham to 0.01 dirham. This modification will allow the trading of securities below Dh10 with the fraction of the one fils, and trading of securities above Dh10 with the one fils not 5 fils.
This development comes in coordination with the UAE Securities and Commodities Authority and brokerage firms and will secure a more flexible tick size, enabling investors to trade with a wider choice of prices, the bourse said. — abdulbasit@khaleejtimes.com
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