Dubai shares see-sawed yesterday amid continued European sovereign debt concerns.
The Dubai Financial Market General Index climbed 0.7 per cent, the highest in more than a month at the open. At the close, the index was flat, closing just 0.03 per cent higher at 1,460.69 points.
Italy asked China to buy Italian debt as the euro zone's third-largest economy struggles to convince markets it can manage its debt load, according to media reports. European stocks fell yesterday, led by French banks amid mounting concern that the sovereign debt crisis is hurting interbank lending.
"It's all about Europe at the moment," said Julian Bruce, the equity sales head at EFG-Hermes in Dubai. "Regional markets have no real independent drivers.
The reports about China managed to bring the markets into positive territory but as European markets started trading downwards, our markets started trading down in sympathy."
On the Nasdaq Dubai, DP World gained 1.5 per cent to US$9.65 a share after EFG-Hermes upgraded the ports operator to "buy" from "neutral".
The Dubai exchange said it had agreed to transfer the official list of securities to the Dubai Financial Services Authority, which would streamline the regulatory process for approving prospectuses and listing.
The Abu Dhabi Securities Exchange General Index closed 0.01 per cent lower at 2,583.70.
Elsewhere in the region: Kuwait's benchmark added 0.5 per cent to 6008.30; Bahrain's measure was little changed at 1,266.39; Oman's measure rose 0.3 per cent to 5,693.09; and Qatar's benchmark added 0.4 per cent to 8,334.27. The Saudi Tadawul All-Share Index was up 0.52 per cent to 6,068.
halsayegh@thenational.ae
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Women & Power: A Manifesto
Mary Beard
Profile Books and London Review of Books
Low turnout
Two months before the first round on April 10, the appetite of voters for the election is low.
Mathieu Gallard, account manager with Ipsos, which conducted the most recent poll, said current forecasts suggested only two-thirds were "very likely" to vote in the first round, compared with a 78 per cent turnout in the 2017 presidential elections.
"It depends on how interesting the campaign is on their main concerns," he told The National. "Just now, it's hard to say who, between Macron and the candidates of the right, would be most affected by a low turnout."
A Cat, A Man, and Two Women
Junichiro Tamizaki
Translated by Paul McCarthy
Daunt Books
SPECS%3A%20Polestar%203
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Match info
Who: India v Afghanistan
What: One-off Test match, Bengaluru
When: June 14 to 18
TV: OSN Sports Cricket HD, 8am starts
Online: OSN Play (subscribers only)
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Company%20Profile
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
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KILLING OF QASSEM SULEIMANI