Right education methodologies at the grass root level, exposes students to technologies that will impact them in their growing years
Dubai Financial Market’s Genera Index, or DFMGI, finished higher as stocks rallied from the Tuesday’s seven-week closing low, but further volatility is expected amid fear of weak corporate results by major companies in property and banking sectors. The index climbed 0.6 per cent to 1,565.48 points, trimming its losses to 13.2 per cent this year.
Emaar Properties, the UAE’s biggest property developer, rose 1.72 per cent to Dh2.95 and Dubai-based contractor Arabtec surged 3.35 per cent to Dh2.16. However, Union Properties tumbled 5.56 per cent and finished the day at Dh0.51 as Credit Suisse slashed its price target on the stock to Dh0.03 from Dh0.80.
Emirates NBD and Gulf Finance House also closed in negative columns shedding 3.92 per cent and 4.42 per cent, respectively.
“Market managed to hold onto a gain today but we need to string two or three days together to break out of the zig-zag pattern of the last few weeks,” Matthew Wakeman, EFG-Hermes managing director for cash and equity-linked trading, told Khaleej Times.
The benchmark index of Abu Dhabi Securities Exchange also edged up 0.12 per cent to 2,602.01 points. Abu Dhabi Commercial Bank rebounded from an initial drop to end flat, a day after reporting a fourth-quarter loss on record provisions, helping Abu Dhabi’s main index eased away from Tuesday’s seven-week closing low. First Gulf Bank also closed flat at Dh15.70 despite having solid numbers in the fourth quarter. Aabar Investments closed at Dh2.13.
“Earnings should start to hit the tape in the next few days, First Gulf Bank reported solid numbers today beating estimates. The ADCB stock performance today following its results on Tuesday show that significant weakness is already priced into these stocks and as such there is significant upside potential should large caps exceed estimates in the coming weeks,” Wakeman said.
“Sorouh are expected to report earnings today or tomorrow and that will be key for direction of the heavily battered real estate stocks tomorrow,” he said. “Earnings season will provide both positive and negative leads, which will keep the market volatile in the short term, probably more with a negative bias,” said Jithesh Gopi, head of research at SICO investment bank.
muzaffarrizvi@khaleejtimes.com
Right education methodologies at the grass root level, exposes students to technologies that will impact them in their growing years
Innovation, digital transformation will pave the way for more large-scale crypto deals in future
Financial sector will continue to play a pivotal role in accelerating the UAE’s gross domestic product by attracting foreign investment and offering promising business opportunities to investors
The market, which is expected to post over Dh100 billion in sales through more than 30,000 transactions in first quarter, will sustain steady increase in transactions and prices throughout the year
She was shopping in Hong Kong, where she was on vacation with her family, when someone spotted her and asked if she'd like to become a model.
After the October 7 attacks, Israel imposed a complete siege on Gaza, blocking food, water and medicine, before eventually allowing some deliveries
The event highlighted Hilton's innovative ‘Green Ramadan’ initiative and its commitment to sustainable hospitality in Hilton
On every 19th of Ramadan, the country celebrates Sheikh Zayed Humanitarian Day to commemorate the humanitarian efforts of the founding father