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Australia began their title defence with a six-wicket win over Sri Lanka before England saw off Bangladesh by 21 runs
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Equities turn positive in thin trade
DUBAI — UAE bourses on Wednesday reversed the bearish trends and turned positive in thin trade. Dubai Financial Market’s General Index, or DFMGI, rose for the second time during this week on positive developments in property sector following Nakheel statement on its sukuk payment.
The DFMGI gained 8.90 points, or 0.52 per cent, to 1,715.48 points. Out of 28 stocks traded yesterday, 19 posted gains, while four remain unchanged and five declined as volumes continued its slide and dropped to 114.85 million from 141.35 million shares a day before. Volumes declined more than 50 per cent in past two trading sessions, reflecting the mood of investors, awaiting a clearity on Dubai World’s multibillion dollar debt restructuring.
Nakheel PJSC said it received money from the Dubai Financial Support Fund for the full payment its $980 million Islamic bond maturing on May 13. Nakheel’s floating-rate Dh3.6 billion ($980 million) Islamic bond due May 13 yesterday closed at 98.67 fils on the dirham. The developer and Dubai World are renegotiating terms on $24.8 billion of liabilities after the global credit crisis led to a slump in property prices and made it harder to refinance debt.
“The announcement removes the uncertainty for those that were not true believers” in the government’s pledge to make the payment, said Dubai-based Paul Cooper, managing director at Sarasin-Alpen & Partners Limited. “It will return liquidity to the property sector and to the financial sector as well.”
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