iPhone | iPad
Android
Huawei
The bombing has killed more than 1,110 people and displaced up to one million in Lebanon, according to official figures
KT APPDOWNLOAD
Dubai Financial Market Hits Two-week Low; Abu Dhabi Follows
DUBAI — Stocks in Dubai and Abu Dhabi tumbled on Sunday as investors squared off their positions amid speculation over Dubai World’s debt restructuring plans.
Dubai Financial Market’s General Index made its largest decline in three weeks. DFM General Index lost 3.5 per cent, the most since January 26, to 1,617.51 points. It was also the index’s lowest close since January 31. Out of 31 stocks traded, only three posted gains, and two were unchanged.
“Press speculation about Dubai World has caused a panic in the market,” Matthew Wakeman, EFG-Hermes Managing Director for cash and equity-linked trading, told Khaleej Times.
“It’s all about uncertainty again and as we are unlikely to hear any firm news from Dubai World, it’s unlikely the Dubai exchange can establish any meaningful rally from these levels,” he said. Emaar Properties, which reported surprisingly high fourth-quarter net profit, last week, dropped 5.88 per cent to Dh3.04. Union Properties fell 3.85 per cent to Dh0.50.
In the banking sector, Dubai Islamic Bank, UAE’s largest bank complying with Islamic rules, fell the most in two months shedding 4.9 per cent to Dh2.32. Emirates NBD, the region’s biggest bank, fell 4.9 per cent to Dh2.55.
Losers were led by Global Investment House down 6.72 per cent, Arabtec Holding 6.09 per cent, Hits Telecom Holding 5.71 per cent, and Dubai Financial Market which fell 5.66 per cent. Air Arabia and du dropped over three per cent each to Dh0.93 and Dh2.90, respectively.
“Emaar’s results were solid but in terms of news flow could offer little resistance to the wave of selling across the board,” Wakeman said.
Some international newswires reported that Dubai World may soon offer new terms to its creditors. However, a spokeswoman for the Dubai government said no restructuring proposal had yet been made.The Dubai government said on November 25 that Dubai World is seeking a standstill accord on its debt. Dubai World announced on December 1 that it was seeking to alter terms on about $26 billion of debt linked to its main property units Nakheel and Limitless World.
Abu Dhabi Securities Exchange’s General Index also followed the declining trend of Dubai and fell 0.64 per cent, to close the day at 2,726.48 points. Abu Dhabi Commercial Bank, which has surged recently, dropped 7.9 per cent and National Bank of Abu Dhabi lost 1.7 per cent in line with the other declining shares on the market.
Ian Munro, MAC Capital head of research, said more clarity over Dubai World’s debt position is needed to lift pressure on UAE markets.
“Until this occurs, the rumours are likely to inflict negative sentiment to DFM and ADX exchanges on light volumes, particularly large-cap index stocks,” Munro said.
In regional markets, Oman’s MSM-30 measure increased one per cent. Qatar’s Doha Securities Market 20 Index and Bahrain’s gauge dropped 0.4 per cent each.
More news from
Updated rules have been issued for these commuters as experts call for safer batteries to avoid the risk of spontaneous combustion on trains
Both parties also confirmed their shared commitment to improving cooperation in artificial intelligence, especially after the President's recent historic visit to the US
Only 12 out of 120 players completed their rounds as Japan’s Rintaro Nakano held the lead at seven under par
The IHW Summit recognised Dr Khorakiwala’s extraordinary contributions to transforming healthcare in India and on a global scale
The Triangulum Galaxy is the third largest in our local group, right behind the Milky Way and Andromeda
The event promises to bring a unique blend of traditional