Emerging market stocks, including the Dubai Financial Market and the Abu Dhabi Securities Exchange, rose on Thursday after crude oil prices rallied and the US Federal Reserve confirmed delays to interest rate rises.
The DFM closed up 2 per cent, while the ADX rose 1.2 per cent.
For the week, the DFM index lost 2.6 per cent and the ADX index sagged 1.1 per cent.
The MSCI Emerging Markets Index rose 0.7 per cent on Thursday.
“There is a bounce-back in emerging markets after an awful start to the year,” Maarten-Jan Bakkum, who covers emerging markets at ING, told Bloomberg News.
“Yesterday’s Fed minutes confirmed that no early rate hike is coming,” he said.
“Brent above US$50 a barrel also helps sentiment. People are betting on a reversal of the negative underperformance trend.”
Twenty stocks on the ADX rose, with only four falling, while 21 stocks rose on the DFM, with three falling.
Arkan Building materials rose 14.9 per cent, with the Abu Dhabi National Company for Building Materials gaining 11 per cent.
Insurance companies also rose. Green Crescent Insurance gained 12.2 per cent and Methaq Takaful gained 8.7 per cent.
DFM, the company that operates the exchange, led gains in Dubai, closing up 6.0 per cent.
Dar Al Takaful gained 5.1 per cent, while Takaful Emarat gained 4.8 per cent.
The Tadawul index gained 1.8 per cent, but remained below its level of December 31, when King Abdullah was admitted to hospital, which led to a fall on the index.
The Qatar Exchange rose highest of all emerging market bourses, closing up 3.4 per cent
Brent futures were trading at $51.41 per barrel yesterday, slightly up from the previous day’s close of $51.15.
* With additional reporting by Bloomberg News
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Pearls on a Branch: Oral Tales
Najlaa Khoury, Archipelago Books
Scorline
Iraq 1-0 UAE
Iraq Hussein 28’
if you go
The flights
The closest international airport to the TMB trail is Geneva (just over an hour’s drive from the French ski town of Chamonix where most people start and end the walk). Direct flights from the UAE to Geneva are available with Etihad and Emirates from about Dh2,790 including taxes.
The trek
The Tour du Mont Blanc takes about 10 to 14 days to complete if walked in its entirety, but by using the services of a tour operator such as Raw Travel, a shorter “highlights” version allows you to complete the best of the route in a week, from Dh6,750 per person. The trails are blocked by snow from about late October to early May. Most people walk in July and August, but be warned that trails are often uncomfortably busy at this time and it can be very hot. The prime months are June and September.
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Hoopla%3Cbr%3E%3Cstrong%3EDate%20started%3A%20%3C%2Fstrong%3EMarch%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Jacqueline%20Perrottet%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2010%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%3Cbr%3E%3Cstrong%3EInvestment%20required%3A%3C%2Fstrong%3E%20%24500%2C000%3C%2Fp%3E%0A
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
Shubh Mangal Saavdhan
Directed by: RS Prasanna
Starring: Ayushmann Khurrana, Bhumi Pednekar
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SPECS
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COMPANY%20PROFILE
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COMPANY PROFILE
Name: Mamo
Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua
Based: Dubai, UAE
Number of employees: 28
Sector: Financial services
Investment: $9.5m
Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors.