Platform aims to unlock demand in key global through CommerCity MoU
business9 hours ago
The Abu Dhabi Securities Exchange Index ended 1.46 percent lower to 2,193.68 with the real estate issues losing 4.5 percent. “Investors were in a holding pattern looking down and waiting for a reason to swoop. Uncertainty remains the key driver but I think that panic has been taken out of the equation,” said Matthew Wakeman, managing director of cash and equity linked trading at EFG-Hermes.
The markets were hounded by a barrage of negative news about the UAE property sector with analysts saying the number of projects being shelved or postponed is increasing.
With companies announcing significant layoffs, the expatriate population too is likely to come down impacting domestic demand and the profitability of the companies in the region.
Arabtec Holding, plunged 9.52 percent to a record low of Dh0.95, with the company denying rumors its CEO Riad Kamal resigned as the stock continues to get pummeled from a series of setbacks on its projects.
“The uncertainty surrounding the minds of investors still looms large as the scale and scope of the current financial crisis have taken the global economy into uncharted territories,” said Faisal Hasan, vice president and head of research at Global Investment House.
Bucking the trend,
“It’s very hard to draw any conclusions from individual stock moves. Emaar’s stability today could be investors positioning for upcoming results or could just simply be that sell tickets were completed,” said Wakeman.
In
rocel@khaleejtimes.com
Platform aims to unlock demand in key global through CommerCity MoU
business9 hours ago
Parent-friendly Label programme gets support from public and private sectors
business9 hours ago
Survey shows growing appetite for the adoption of AI solutions to strengthen the local creator economy
business9 hours ago
The Pink Caravan’s mobile and mini clinics will provide tests for both men and women
health10 hours ago
Pontiff says an increase in foreign aid could help stem the flow of refugees and migrants seeking to enter Europe
world10 hours ago
On the heels of a gruelling 2-2 Premier League draw with Manchester City on Sunday, manager Mikel Arteta shuffled his squad, giving both Nwaneri and 16-year-old keeper Jack Porter their first starts
football10 hours ago
The Impact Hub will support the network with the knowledge, skills, connections, and resources needed to build businesses that have an international impact
lifestyle11 hours ago
The Norwegian-Indian man, Rinson Jose, is founder of a Bulgarian company that was reportedly part of the pager supply chain
world11 hours ago