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The president said this at a televised meeting with security officials on updating the country's nuclear deterrence doctrine
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Positive Trend Continues
DUBAI - UAE shares were slightly higher on Wednesday with both bourses avoiding sliding into negative territory on later-trade buying of property stocks.
Abu Dhabi-based Sorouh Real Estate jumped 7.94 per cent to Dh3.04. Aldar Properties which is expected to shortly announce its fourth quarter and full year results, added 4.15 per cent to Dh2.64. The company which is building the Warner Bros-branded theme parks in
“The volume the markets are getting is quite decent, about 60 to 70 per cent higher compared to previous sessions. We are seeing bigger contributions from foreign institutions,” said Chamel Fahmy of Beltone Financial Securities.
The combined value of shares traded at
“Speculation is tapering off as there is a slow and steady manner of accumulation. If investors are not allowing a stock’s price to jump so much, it’s a very good thing. It indicates the market is stabilising.”
Dubai-based Arabtec Holding, the country’s largest construction firm snapped three days of gains, rallying from mid-session lows to end 1.62 per cent lower at Dh1.21.“Volume in Arabtec was nearly three times the daily average of the last three months.
I think most negative surprises are well priced into the stock here and investors with a medium to long term view will be looking closely at it,” said Matthew Wakeman, managing director of cash and equity linked trading at EFG-Hermes.
Dubai index mover Emaar Properties, the biggest property developer in the Middle East, inched up nearly 1 per cent to Dh2.03. Profit-taking hit Deyaar Development after rising 18.4 per cent in three straight sessions on positive fourth quarter results. The stock shed 1.81 per cent to close at Dh0.54.
Union Properties fell 3.17 percent to Dh0.61. Shares in the Dubai Financial Market fell 1.12 per cent to Dh0.88 after HSBC cut its price target to Dh0.8 from Dh1.0, saying trading volumes at the exchange had dropped significantly.
HSBC which kept its “underweight” rating said that “with no signs of better sentiment towards global and regional equity markets, we are cutting our trading volume estimate.”
Gains in banking stocks in
The Abu Dhabi Islamic Bank climbed 6.34 per cent to Dh2.82 while the Bank of Sharjah rose 9.71 per cent to Dh1.73.
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