Shares in Dubai Financial Market traded higher this morning despite the listed bourse reporting it contracted by nearly 5 per cent last month, with five of the nine sectors listed on the bourse ending in the red.
The bourse shrank by 4.7 per cent in March to close the month down at 1,648.9, compared to 1,730.4 at the end of February. By market capitalization the index fell 2.6 per cent to Dh194.3 billion, compared to Dh199.4bn in February.
Industrials weighed down the most to drop 10.7 per cent, followed by the real estate and transportation sectors, which fell 8.3 per cent and 6.4 per cent respectively.
Better performing were services, up 10.6 per cent, financial and investment services, gaining 5.2 per cent, and telecommunications, up 1.6 per cent.
Value of shares traded last month reached Dh9.6bn, compared to Dh8.7bn recorded during February, an increase of 9.4 per cent. The number of shares traded rose by 3.2 per cent to 7.9 billion, up from 7.6 billion shares a month earlier.
Real estate and construction shares were the top trading in terms of value at Dh3bn, or 31.8 per cent of the total value of shares traded in the market.
Shares in Dubai Financial market were up 1.72 per cent at Dh1.18.
Both UAE bourses were trading higher this morning. The Dubai Financial Market General Index was up 0.12 per cent to 1,656.34. the Abu Dhabi Securities Exchange General Index edged 0.11 per cent higher to 2,562.76.
Asian stocks rose for a third day as signs of strength in the world's two biggest economies, the United States and China, bolstered confidence in the global recovery.
European stocks also climbed the most in almost three weeks yesterday, wiping out earlier losses, as reports showed manufacturing expanded more than forecast in the US and China. In the US, the Dow Jones Industrial Average jumped to its highest level since December 2007.
lmiller@thenational.ae
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The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
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