President Emmanuel Macron should have appointed a prime minister from their ranks, said the left-wing lawmakers
Dubai Financial Market’s General Index slipped below the psychological barrier of 1,600 points, declining 2.2 per cent or 35.87 points. The index fell for a fourth consecutive session in a row following a report by credit rating agency Moody’s on UAE banks’ exposure to Dubai World. The index closed at 1,586.14 points.
Out of 30 stocks traded yesterday, only four posted gains, while two remained unchanged and 24 declined. However the trading volume improved to 129.84 million shares, from just 91.5 million a day before.
“Stocks are undoubtedly oversold and look attractive but trying to pick the bottom right now is like catching a falling knife,” Matthew Wakeman, EFG-Hermes Managing Director for cash and equity-linked trading, told Khaleej Times. “Markets suffered the backlash of a sever bout of Chinese whispers today as retail investors continue to speculate about what’s going on with the Dubai World debt situation,” Wakeman said.
Emirates NBD dropped five per cent to Dh2.47 leading the decline in banking sector. Gulf Finance House declined six per cent to Dh0.94 while Dubai Islamic Bank fell 1.73 per cent to Dh2.27.
In the property sector, Union Properties plunged 6.12 per cent, touching an all-time low of Dh0.46. Deyaar Development dropped to the lowest level in more than 11 months, a day after the Dubai-based developer said it is working with contractors to come up with a plan for payments that are overdue. Deyaar shares declined 4.08 per cent to Dh0.47, the lowest level since March 18.
“The markets will find it impossible to sustain any sort of recovery until a plan is on the table that is deemed fair by the debt holders. Anything else would raise concerns about the ability of local firms to raise cash through debt issuance in the future at reasonable interest rates,” Wakeman said. Emaar Properties fell below the key level of Dh3 and closed 3.65 per cent lower at Dh2.90. Arabtech Holding dropped 3.24 per cent to Dh2.09.
Abu Dhabi Securities Exchange’s benchmark index also witnessed selling pressure in banking stocks with Abu Dhabi Commercial Bank falling 2.1 per cent and National Bank of Abu Dhabi down 0.9 per cent. The ADX index fell 0.11 per cent to 2,750.27 points.
“Stocks in Abu Dhabi are offering no defensive qualities from the Dubai World situation as investors see UAE stocks as a single asset class rather than differentiating by Emirate. The prosperity of Dubai is tightly correlated to the country as a whole,” Wakeman said.
On the positive sides, Etisalat gained 0.42 per cent to Dh11.90 as its shares worth Dh8.93 million were traded on the exchange. In terms of value, First Gulf Bank remained the most active share on ADX with Dh62.43 million worth of its shares changing hands. In terms of volume, Dana Gas remained on top with five million shares traded.
President Emmanuel Macron should have appointed a prime minister from their ranks, said the left-wing lawmakers
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