iPhone | iPad
Android
Huawei
Latham will be under pressure to lead from the front in the three-match series starting in Bangalore on Oct. 16
KT APPDOWNLOAD
UAE Stocks Fall on Global Recession Fears
DUBAI - Uncertainty returned to stock markets around the world on Wednesday as investors worried that coordinated action by governments may not be enough to ward off a global recession. Attention turned from possible stabilising measures for capital markets to concerns over the length and depth of the downturn.
In the UAE markets fell as the dramatic rises in the previous two days were outweighed by fears the UAE economy will not be immune to the deteriorating economic climate. The benchmark Dubai Financial Market General Index plummeted 7.44 per cent, or by 275.48 points, erasing most of the previous day’s gains.
Once again the real estate sector was in focus with the sub index declining nearly 10 per cent. Emaar Properties fell 9.88 per cent with almost 110 million shares changing hands. The Abu Dhabi Securities Exchange General Index retreated 2.1 per cent. According to Khaled Masri, Partner, Asset Management at Rasmala, “The panic in global and regional markets is leading to a brutal disregard for the stark differences between the economic situation in the MENA region, especially the GCC block, and that in other global economic blocks.”
However, Faisal Hasan, Head of Research at Global Investment House said the outlook for the UAE economy remains positive. “We feel UAE continues to be one of the most diversified economies in GCC with (the) non-oil sector contributing in a big way. Although we have seen a significant fall in oil price, the prices are still above the break-even point for the government budgets to remain in surplus.”
Elsewhere
More news from
The country has been successfully producing fresh vegetables, thus boosting supply and giving consumers more affordable options
Judge hands down longer sentence than prosecutors sought
The device is known for its enhanced security features but scammers have found innovative ways to breach the defences
The blaze in Pingtung County broke out the same day that Typhoon Krathon made landfall in the island's south
Lille pressed relentlessly and took the win courtesy of a Jonathan David penalty in first-half stoppage time
Flights grounded, financial markets shut for second day
The airline will also provide 48-hour and 96-hour transit visas for travellers from the African country