Source familiar with Hezbollah chief's security arrangements suggests the group has been infiltrated
mena1 hour ago
The Dubai Financial Market benchmark index inched up 0.3 per cent to 1,666.83 to gain 1.9 per cent from the previous trading week. Trading was thin with Dubai’s total traded value of Dh257.1 million, nearly only half of the 50-day average value of Dh591.8 million. The Abu Dhabi Securities Exchange main index was flat at 2,614.11.
Most analysts agreed that the UAE’s announcement of its withdrawal from the proposed Gulf monetary union had no material impact on stocks.
“It was a long-term initiative and was not a factor for short-term investors,” said Matthew Wakeman, managing director of cash-and-equity-linked trading at EFG-Hermes.
As most investors were still digesting the possible effects of the UAE pullback from the GCC, the long-term players opted to stay on the fence, said Mohammed Yasin, chief executive of Shuaa Securities. “The local players, a lot of them speculators, are not worried, but the foreign institutions are cautious, they are waiting for their analysts to guide them on the ramifications of UAE’s move, so they were basically out of the market, that’s why volumes are low.”
Trading in Dubai’s primary index movers - property and construction-related stocks, was muted. Emaar Properties, the Middle East region’s biggest property company by assets, inched up 0.8 per cent to Dh2.62, while Union Properties added 1.4 per cent to Dh0.75. Deyaar Development dropped by 1.6 per cent to Dh0.62. Arabtec Holding, the country’s largest construction company that is building Burj Dubai, the world’s tallest skyscraper, shed 0.4 per cent to Dh2.59.
Logistics company Aramex outperformed the Dubai bourse, surging by 6.9 per cent to Dh1.24, after its shareholders approved a proposal to allow foreign investors to own 49 per cent of the company’s stock. Nationals of the Gulf Cooperation Council can own 51 per cent of company shares, Aramex disclosed to the Dubai bourse on Wednesday.
In Abu Dhabi, property market leader Aldar Properties fell by 1.5 per cent to Dh3.86. The company sold $12.5 billion, five-year notes through Atlantic Finance Ltd., a special purpose vehicle listed on the London Stock Exchange. The underwriters for the bond offer were Barclays Capital, Goldman Sachs International, National Bank of Abu Dhabi and Abu Dhabi
Commercial Bank.
“Investors muted response to how easily Aldar managed to raise capital in the bond market was surprising, but it is nonetheless a good sign that risk appetite globally for UAE assets is growing and that can only be positive,” said EFG-Hermes’ Wakeman.
Abu Dhabi National Energy Co. or Taqa finished 2.9 per cent higher at Dh1.75 on speculations that the company will revive its share-buyback scheme after halting it prior to the release of its earnings results. Taqa had earlier planned to buy back about 10 per cent of it shares to fund an employee
stock plan. National Bank of Abu Dhabi which is planning to open a branch in Hong Kong after getting its application approved by the Hong Kong Monetary Authority, closed flat at Dh0.60.
Natural gas producer Dana Gas stretched its gains for a fourth day, rising by 2.9 per cent to Dh1.04. Dana Gas and parent firm Crescent Petroleum, are part of a group that plans to pump gas from Kurdistan via Turkey to Europe in the planned $10 billion Nabucco pipeline that will help lower Europe’s reliance on Russian gas.
Next week’s trading may see more consolidation as the markets try to break out of their resistance levels, analysts said.
“Markets will be higher for longer and the much talked about correction won’t be seen this quarter. I think we will have regular small pull backs on the back of profit taking but no panic gap downwards. The market has formed a firm base at these levels and I would expect further upward movement next week,” Wakeman of EFG-Hermes said.
—rocel@khaleejtimes.com
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