Investors dumped stocks across the Middle East amid mounting speculation of a planned US military strike in Syria.
The Dubai Financial Market General Index was the worst performing index globally yesterday, falling 7 per cent in the biggest one-day sell-off since the Dubai World crisis of 2009. Crude oil rose as geopolitical tension increased, with Brent futures up US$2.30 to a six-month high of $114.19.
"There's panic all over the place," said Fadi Al Said, a senior fund manager at ING Investment Management in Dubai, who cited worries from investors over conflict in Syria as the immediate cause.
Western powers ratcheted up rhetoric against the government of president Bashar Al Assad yesterday after accusing Syria of using chemical weapons on civilians last week. Syria has denied taking part in the attack.
The United Kingdom parliament was recalled for an emergency debate on Tuesday while the United States defence secretary Chuck Hagel said the country's armed forces were ready to act, the BBC reported.
The bellicose rhetoric appeared to raise the odds of direct western military intervention, analysts from Bank of America Merrill Lynch wrote in a research report.
"Developments may add a geopolitical risk premium on to oil prices in the near term, though Syria is a marginal oil producer. Spillovers on to regional actors will largely depend on the extent and nature of any western military involvement, in our view," the report said.
Dubai's stock market joined a rout in emerging market stock exchanges, with the Middle East hit particularly hard.
The Abu Dhabi Securities Exchange fell 2.8 per cent to 3,822.04 and the Saudi Tadawul All-Share Index lost 4.1 per cent to 7,720.70, the biggest dip for the kingdom's benchmark in two years.
Stock markets in Turkey and Kuwait also saw sharp declines, while all other markets in the Arabian Gulf fell. Bond markets in the Gulf held steady, with Dubai Government's 10-year bond unchanged in trading.
The sell-off on local stock markets "looks like panic selling" driven by retail investors, said Amer Khan, a fund manager and director at Shuaa Capital.
"The political situation in Syria is the obvious catalyst, but these markets have weathered quite a few political storms, it's really difficult to imagine Syria being the only factor here," he added.
Dubai's market index remains up 57.1 per cent so far this year, with Abu Dhabi's benchmark 45.2 per cent higher than at the start of the year. With local equities outperforming most other markets this year, many investors did not require much convincing to sell out of trading positions and book profits, Mr Khan said.
"We received requests from some of our clients in Europe and Emirati high-net-worth individuals to liquidate positions," said Fathi Ben Grira, the chief executive at Menacorp. "Our brokers are citing worries over the regional situation now that the US is more into Syria."
Other emerging markets also suffered as investors feared the withdrawal of quantitative easing by the US Federal Reserve would spiral into a full-blown currency crisis.
The Indian rupee touched a record low of 67.2 rupees to the US dollar as investors feared a rising fuel import bill. The Sensex fell by 3.1 per cent in local currency.
The Philippine Stock Exchange Index fell by 3.9 per cent, closely followed by Indonesia's benchmark index which was down 3.7 per cent.
ghunter@thenational.ae
COMPANY%20PROFILE%20
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
Previous men's records
- 2:01:39: Eliud Kipchoge (KEN) on 16/9/19 in Berlin
- 2:02:57: Dennis Kimetto (KEN) on 28/09/2014 in Berlin
- 2:03:23: Wilson Kipsang (KEN) on 29/09/2013 in Berlin
- 2:03:38: Patrick Makau (KEN) on 25/09/2011 in Berlin
- 2:03:59: Haile Gebreselassie (ETH) on 28/09/2008 in Berlin
- 2:04:26: Haile Gebreselassie (ETH) on 30/09/2007 in Berlin
- 2:04:55: Paul Tergat (KEN) on 28/09/2003 in Berlin
- 2:05:38: Khalid Khannouchi (USA) 14/04/2002 in London
- 2:05:42: Khalid Khannouchi (USA) 24/10/1999 in Chicago
- 2:06:05: Ronaldo da Costa (BRA) 20/09/1998 in Berlin
Company%20profile
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Company%20Profile
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
UEFA CHAMPIONS LEAGUE FIXTURES
All kick-off times 10.45pm UAE ( 4 GMT) unless stated
Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid
Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona
Company%20Profile
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Company%20Profile
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Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now
MATCH INFO
Norwich City 1 (Cantwell 75') Manchester United 2 (Aghalo 51' 118') After extra time.
Man of the match Harry Maguire (Manchester United)
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
Fitness problems in men's tennis
Andy Murray - hip
Novak Djokovic - elbow
Roger Federer - back
Stan Wawrinka - knee
Kei Nishikori - wrist
Marin Cilic - adductor
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
MATCH INFO
Manchester United v Everton
Where: Old Trafford, Manchester
When: Sunday, kick-off 7pm (UAE)
How to watch: Live on BeIN Sports 11HD
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
Where to Find Me by Alba Arikha
Alma Books
Tips for taking the metro
- set out well ahead of time
- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines
- enter the right cabin. The train may be too busy to move between carriages once you're on
- don't carry too much luggage and tuck it under a seat to make room for fellow passengers
UAE%20Warriors%2045%20Results
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KEY%20DATES%20IN%20AMAZON'S%20HISTORY
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COMPANY%20PROFILE
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The%20specs
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Best Academy: Ajax and Benfica
Best Agent: Jorge Mendes
Best Club : Liverpool
Best Coach: Jurgen Klopp (Liverpool)
Best Goalkeeper: Alisson Becker
Best Men’s Player: Cristiano Ronaldo
Best Partnership of the Year Award by SportBusiness: Manchester City and SAP
Best Referee: Stephanie Frappart
Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)
Best Sporting Director: Andrea Berta (Atletico Madrid)
Best Women's Player: Lucy Bronze
Best Young Arab Player: Achraf Hakimi
Kooora – Best Arab Club: Al Hilal (Saudi Arabia)
Kooora – Best Arab Player: Abderrazak Hamdallah (Al-Nassr FC, Saudi Arabia)
Player Career Award: Miralem Pjanic and Ryan Giggs
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
The%20Color%20Purple
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