UAE investors are hoping that equity markets return to normality today after the turbulence of the past week, as trading opens against a more positive backdrop of global economic indicators.
Stock markets in Dubai and Abu Dhabi experienced their worst one-day falls of the year last Sunday, opening down 6.96 per cent and 5.01 per cent respectively, amid global economic uncertainty over plunging Chinese shares and declining oil prices.
However, UAE equities recovered to emerge relatively unscathed at the end of the week – Dubai's headline index ended the week down 1.7 per cent, while Abu Dhabi's benchmark index dropped 1.1 per cent.
Even so, a handful of blue-chip stocks – including Aramex, Arabtec Holding, Aldar Properties and Abu Dhabi Commercial Bank – ended the week comfortably in positive territory.
“Markets go down, but it doesn’t last forever,” said an Emirati retail investor in Abu Dhabi.
“Prices have come down a lot, and now banks and financial institutions are buying shares at a low price. Oil’s returned to a better price, so inshallah it will be better now, even if it takes a few months to get back to where it was.”
Although UAE markets opened last Sunday against a backdrop of global stock market corrections and tumbling oil prices, the picture now is a lot more positive. The Shanghai Composite Index, which triggered global panic selling last week, rose 10.4 per cent across Thursday and Friday.
In New York, the Dow Jones Industrial Average, which closed virtually unchanged on Friday, ended the week in positive territory.
Of even greater encouragement perhaps is the price of oil, which rallied on Thursday and Friday after hitting six-year lows earlier in the week.
Brent crude breached the US$50 dollar a barrel mark in a short-covering relief rally late on Friday, as traders covered their positions after the market stabilised in the middle of the week.
Still, don’t expect next week to be plain sailing. Thursday and Friday’s Brent gains may well prove unsustainable.
And comments by senior officials at the US Federal Reserve over the weekend suggest that an interest rate rise next month – that New York Fed president William Dudley described as “less compelling” – is once again a possibility, given the strong state of the US economy.
“Really we don’t know what to expect,” said the Emirati retail investor.
“Anyone can talk, but at the end of the day no one knows what will happen on the market this week.”
jeverington@thenational.ae
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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Heather, the Totality
Matthew Weiner,
Canongate
Places to go for free coffee
- Cherish Cafe Dubai, Dubai Investment Park, are giving away free coffees all day.
- La Terrace, Four Points by Sheraton Bur Dubai, are serving their first 50 guests one coffee and four bite-sized cakes
- Wild & The Moon will be giving away a free espresso with every purchase on International Coffee Day
- Orange Wheels welcome parents are to sit, relax and enjoy goodies at ‘Café O’ along with a free coffee
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Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
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PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
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The biog
Hobby: "It is not really a hobby but I am very curious person. I love reading and spend hours on research."
Favourite author: Malcom Gladwell
Favourite travel destination: "Antigua in the Caribbean because I have emotional attachment to it. It is where I got married."
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
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Friday's schedule at the Etihad Airways Abu Dhabi Grand Prix
GP3 qualifying, 10:15am
Formula 2, practice 11:30am
Formula 1, first practice, 1pm
GP3 qualifying session, 3.10pm
Formula 1 second practice, 5pm
Formula 2 qualifying, 7pm
Company profile
Name: Tharb
Started: December 2016
Founder: Eisa Alsubousi
Based: Abu Dhabi
Sector: Luxury leather goods
Initial investment: Dh150,000 from personal savings
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Tour de France 2017: Stage 5
Vittel - La Planche de Belles Filles, 160.5km
It is a shorter stage, but one that will lead to a brutal uphill finish. This is the third visit in six editions since it was introduced to the race in 2012. Reigning champion Chris Froome won that race.
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
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How to donate
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199
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