Other airlines in the country, including Emirates and Etihad, have earlier extended their flight cancellations to the Lebanese capital
Index mover Arabtec Holding, the country’s biggest construction company outperformed the Dubai bourse, adding 1.4 per cent to Dh2.82, a day after clinching a Dh687 million tower project. The benchmark index of the Dubai Financial Market was flat at 1,848.38, while the main index of Abu Dhabi Securities Exchange dipped by 0.2 per cent to 2,833.45.
Volumes in both bourses were lower, with Dh226.9 million and Dh201.9 million worth of shares changing hands in Dubai and Abu Dhabi respectively.
Majority of investors shied away from the markets as Asian stocks fell in early trade. Most European shares were also weak. Investors were also edgy ahead of an anticipated weak opening on Wall Street, where a wave of economic reports will be released soon.
“Everybody is on a wait-and-see mode. The next couple of sessions will see more sideways trading as there are no big news to bring investors back in,” said Haissam Arabi, Chief Executive Officer and fund manager at Gulfmena Alternative Investments. Dubai index heavyweight Emaar Properties inched up by 0.6 per cent to Dh3.13. Deyaar Development lost 1.4 per cent to Dh0.71, while Union Properties clawed back some of its recent losses to end up 1.1 per cent higher at Dh0.92.
Emirates NBD, the country’s biggest bank by assets, added 1.9 per cent to Dh3.70. Goldman Sachs on Monday, maintained its ‘buy’ rating on Emirates NBD and raised its target price to Dh5.71 from Dh5.35.
Shuaa Capital, UAE’s largest investment bank shed 4.5 per cent at Dh1.48. Contracting and engineering company Drake&Scull International inched down by 1.1 per cent to Dh0.87.
A decline in oil prices also weighed on stocks, as crude oil futures in New York dropped to $73.41 a barrel from Monday’s 10-month high of $74.81.
“Investors will be looking at global catalysts with no local news expected. Stocks will only likely pick up towards the end of the Ramadan when investors start to reposition. Until that time, there won’t be drastic movements in the market,” said Arabi of Gulfmena Alterntive Investments.
In Abu Dhabi, property market leader Aldar Properties gained 1.7 per cent at Dh4.68. Abu Dhabi National Energy Company lost 1.2 per cent at Dh1.66.
Arkan Building Materials Company declined by 3.1 per cent to Dh3.92. The Abu Dhabi bourse said it will allow social security beneficaries to buy shares in the company.
Abu Dhabi Commercial Bank edged down by 1 per cent to Dh1.90. Citigroup upgraded the bank to a ‘sell’ from ‘buy’ and raised its price target to Dh2.52 from Dh1.44. — rocel@khaleejtimes.com
Other airlines in the country, including Emirates and Etihad, have earlier extended their flight cancellations to the Lebanese capital
The wife thanked everyone who supported them, including the Pakistanis who sheltered her husband and the social worker who assisted with the paperwork
The newly refurbished aircraft will operate on daily flights from Dubai to Riyadh and vice versa
Additional lanes can accommodate 3500 more vehicles
Sheikh Khaled will meet Sheikh Tamim bin Hamad Al-Thani, Emir of Qatar, and a number of senior officials
Rory McIlroy will be joined by several stars including UAE-based Tommy Fleetwood at the Old Course at St Andrews, Scotland
Selections will be made next week based on the assignments submitted, with results announced at the end of November
The aviation authority body will closely monitor post-merger operations to ensure ongoing compliance with all regulatory conditions