Gulf stock markets rose at the open today, taking cues from global markets, amid investor optimism after Greece held its elections yesterday, signaling that the country is moving closer to resolve its worsening debt crisis.
Tamweel, the mortgage company complying with Shariah rules, jumped 2.5 per cent to Dh1.20 in Dubai. Emaar Properties, the developer behind the Burj Khalifa, advanced 1 per cent to Dh2.88.
The Dubai Financial Market General Index gained 0.6 per cent to 1472.88 points, while the Abu Dhabi Securities Exchange General Index was little changed at 2445.50 points.
In Asia, Japan's Nikkei Index gained 1.7 per cent to 8721.02 points. Korea's Topix gained 1.6 per cent to 738.81. Hong Kong's Hang Seng Index added 1.2 per cent to 19,469.20 points. Greece's largest pro-austerity and bailout parties, New Democracy and Pasok, won enough ballots to form a parliamentary majority, according to an official projection by the country's Interior Ministry. The euro rose 0.6 per cent at $1.2710. Earlier today, it touched $1.2748, the highest level in a month.
"The currency was boosted because people are speculating the results would be interpreted as Greece is not going to leave the euro-zone," said Marwan Shurrab, the chief trader at asset-manager Gulfmena Investments in Dubai. "Many investors are still waiting to see how European markets open."
Elsewhere in the region, Kuwait's index gained 0.2 per cent to 5924.72 points. Bahrain's measure added 0.1 per cent to 1131.75 points. Oman's index was little changed at 5712.40 points. Qatar's QE Index was also little changed at 8251.23 points.
The Saudi Tadawul All-Share Index gained 0.4 per cent yesterday to 6754.23 points.
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
COMPANY%20PROFILE
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BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
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A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
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Jumanji: The Next Level
Director: Jake Kasdan
Stars: Dwayne Johnson, Kevin Hart, Karen Gillan, Jack Black, Nick Jonas
Two out of five stars
INFO
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5