iPhone | iPad
Android
Huawei
A total of 17 candidates secured the All India Rank (AIR) 1 as per the final results while earlier the number was 67
KT APPDOWNLOAD
Stocks Rally as Govt Commits More Cash
DUBAI - The Dubai stock market leapt almost 11 per cent on Tuesday to post its biggest one-day gain ever for the second trading session in a row while Abu Dhabi shares rallied 7.53 per cent as the government committed more funds for the banking system to protect it from any adverse impact of the global financial crisis.
Led by real estate stocks, Dubai Financial Market (DFM) General Index ended at 3,703 points with trading volumes surging to a three-month high of Dh2.2 billion. The Abu Dhabi Securities Exchange (ADX) General Index rose to 3,602 points with transactions totalling Dh711 million.
Tuesday’s rally came after the UAE said it had made another Dh70 billion available for local banks as part of measures to combat possible liquidity problems. On September 22, the UAE Central Bank set up a Dh50 billion facility to help banks cope with the crisis. On Sunday, the government said it would guarantee deposits and savings in local banks to protect depositors in face of the global financial turmoil.
Following the latest move, real estate stocks led the gains - buoyed by upbeat local investors - with Emaar Properties and Union Properties ending 14.92 per cent higher at Dh6.78 and 14.61 per cent up at Dh2.51 respectively.
Analysts said the rally reflected upbeat investor sentiments following strong government initiatives to back up the banking and financial sector. For the past two days, 90 per cent of the stocks traded on DFM and ADX touched the circuit breaker levels within 30 minutes from the start of trading sessions. “There has been a significant improvement in sentiment worldwide, and that’s being reflected in our markets as well,” Ali Khan, head of equity trading at Arqaam Capital told Bloomberg.
“Now with the Government’s promise being delivered and around Dh120 billion being pumped into the financial sector, investors are upbeat and optimistic about the market. But they need to be wary of over spending and not repeat past mistakes. We have already witnessed certain amount of perkiness among investors today and with the news flowing in; tomorrow will be an exciting day,” one analyst at Al Dhafra Financial Broker LLC said.
“Foreign investors were net sellers even today, but not in large volumes. The real support came from the GCC and local investors and institutions,” said an analyst with Dubai International Securities. “However, what was common for both markets was that there were no sellers at both counters in the last trading hour of the day, an indication that they expect the rally to sustain in the coming days.”
Recent losses mean Emaar Properties is now
In
Dubai Islamic Bank soared 15 per cent to Dh5.94, bringing the two-day surge to 32 per cent. National Bank of
More news from
Authority said the exercise will involve movement of military vehicles and urged residents to stay away from designated areas
'I am proud of you. This is going to be historic,' the former first lady told Harris in a live video call
The application will be operational from Thursday, August 1
Prices for affordable apartments in popular areas have witnessed a rise of up to eight per cent compared to the second half of 2023
Residents have been warned not to approach the area
The number of arrests in days of violence in the country passed the 2,500 mark in an AFP tally
This new store in Fujairah is the second of its kind in the UAE, following the successful launch of the small store concept in Al Wahda Mall in 2020