The Dubai Financial Market General Index took equity investors on a roller-coaster ride yesterday as the market caught up with Friday's global market rally.
Stocks pared their gains in the second half of the trading session amid worries that euro-zone officials would not announce any new stimulus measures at tomorrow's European Central Bank (ECB) meeting.
"By the end of this week, it would be clear whether the global market rally was a mirage and markets will go down soon after, or that the trigger was just enough to be the start of a risk-on trade," said Haissam Arabi, the chief executive at Gulfmena Investments in Dubai.
The Dubai index rose as much as 1 per cent in mid-morning trading, its biggest intraday gain since July 18, to 1,524.11, tracking global market performance on Friday after the ECB chief Mario Draghi said the bank was "ready to do whatever it takes to preserve the euro". A few hours later, local stocks changed direction, with the benchmark closing 0.05 per cent lower to 1,509.05.
Emaar Properties slipped 0.3 per cent to Dh3.24. After the trading session, the company reported a net operating profit of Dh614 million, a rise of 45 per cent over last year.
Etisalat gained 1.2 per cent to Dh8.77 on the Abu Dhabi Securities Exchange General Index amid continued reports the telecommunications operator may open up its shares to foreign investors. First Gulf Bank rose 1.2 per cent to Dh8.77. The Abu Dhabi index added 0.6 per cent to 2,485.51.
Elsewhere in the region, Kuwait's measure added 0.03 per cent to 5,748.78 points. Bahrain slipped 0.3 per cent to 1,109.78.
Oman fell 0.2 per cent to 5,376.57 and Qatar added 0.7 per cent to 8,285.96.
The Saudi Tadawul All-Share Index was little changed at 6,769.12 .
halsayegh@thenational.ae
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
Killing of Qassem Suleimani
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
Results
2pm Handicap (PA) Dh85,000 1,800m
Winner AF Al Baher, Tadhg O’Shea (jockey), Ernst Oertel (trainer).
2.30pm Maiden (TB) Dh75,000 1,400m
Winner Alla Mahlak, Fabrice Veron, Rashed Bouresly.
3pm Handicap (TB) Dh80,000 1,400m
Winner Davy Lamp, Adrie de Vries, Rashed Bouresly.
3.30pm Handicap (TB) Dh105,000 1,400m
Winner Ode To Autumn, Richard Mullen, Satish Seemar.
4pm Handicap (TB) Dh80,000 1,950m
Winner Arch Gold, Pat Dobbs, Doug Watson.
4.30pm Maiden (TB) Dh75,000 1,800m
Winner Meqdam, Pat Dobbs, Doug Watson.
5pm Handicap (TB) Dh90,000 1,800m
Winner Native Appeal, Sam Hitchcott, Doug Watson.
5.30pm Maiden (TB) Dh75,000 1,400m
Winner Amani Pico, Tadhg O’Shea, Satish Seemar
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
UAE currency: the story behind the money in your pockets
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
