iPhone | iPad
Android
Huawei
President Emmanuel Macron should have appointed a prime minister from their ranks, said the left-wing lawmakers
KT APPDOWNLOAD
Dubai Shares Advance for Third Consecutive Day
DUBAI - Emaar Properties helped lift the Dubai Financial Market (DFM) for the third consecutive day on Monday while First Gulf Bank’s dividend and profit growth announcements advanced the stocks in the neighbouring emirate.
Emaar, the largest property developer in the Middle East, was the main support on an advancing Dubai bourse, while insurance stocks surged ahead of dividends and as a defensive play away from the dominant real estate and banking sectors.
Emaar rose by 0.7 per cent and fellow developer Deyaar added 2.2 per cent, but Union Properties dropped by 2.1 per cent to a fresh seven-year low. The latter is down 23 per cent since January 25, when Credit Suisse slashed its price target for the developer to near-zero.
The DFM General Index increased by 0.2 per cent to 1,596.79 points. Abu Dhabi’s measure advanced 0.8 per cent to 2,725 points, its biggest gain since February 17.
Trading values of the shares at both the bourses were below than their 50-day average. Shares traded at the DFM valued at Dh205.5 million while the value of the shares traded at Abu Dhabi stocks reached Dh113.9 million compared with the 50-day average of Dh405.9 million and Dh139.2 million respectively.
“Although it is believed that some banks are liquidating certain collateral portfolios to settle some group’s debts, the market is still holding well,” Shuaa Securities chief executive Mohammed Yasin said. “We would have liked it to close above the 1,600 level, but the trading value is not there.”
“We’re waiting for Dubai World’s debt restructuring and if this is bad then banks and real estate will the first stocks to get hit, so some investors are looking to other sectors and insurance is one of them,” Vyas Jayabhanu, head of investments, Al Dhafra Financial Broker, said.
In November, government-owned Dubai World asked for a standstill as it tries to restructure multi-billion dollar debts, with an announcement expected in March.
In the neighbouring emirate First Gulf Bank surged to a 14-week high after its board approved a 50 per cent cash dividend and forecast double-digit growth in profit, credit and deposits in 2010, helping Abu Dhabi’s index advance. FGB climbed 5.3 per cent to its highest finish since November 25.
“(FGB) is the highest bank in terms of net profit among Abu Dhabi banks, and second after Emirates NBD,” Yasin said.
“Abu Dhabi Islamic Bank saw good movements from its low opening. It is believed banks have good liquidity and they will be able to achieve better results than 2009, provided provisioning will be less in 2010,” he said.
with inputs from agencies
More news from
Educational institutions in the country have stressed that they implement strict policies and conduct stringent background checks to avoid such situations
The bombing has killed more than 1,110 people and displaced up to one million in Lebanon, according to official figures
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