The wide draw will be a very hard challenge for him from barrier 15, says trainer Yoshito Yahagi
The UAE stocks on Monday sustained an upward trend as the real estate, banking and aviation shares supported the market.
Dubai’s main index climbed 1.3 per cent, or 46.07 points, to 3,587.68 points ahead of possible listing of state utility Dubai Electricity and Water Authority’s initial public offering on the exchange.
The markets players have high expectations for Dewa IPO, which is expected to start trading on the exchange on Tuesday (April 12, 2022) after raising Dh22.32 billion ($6.1 billion) in the Gulf’s biggest IPO since Saudi Aramco’s record deal in 2019.
Wael Makarem, senior market strategist for Men region at Exness, said the Dubai stock market continued its rise as investors expected the launch of Dewa trading.
“The launch could reinvigorate trading volumes as demand for the stock is still high. In addition, the Emirate’s economy is seeing strong growth in particular in the non-oil sectors,” Makarem told Khaleej Times on Monday.
Dubai’s main share index posted its best day in two weeks as Air Arabia drove the gains and ended up 8.98 per cent with 32.62 million shares traded on the exchange. In real estate, Emaar surged 1.65 per cent and Deyaar soared 3.19 per cent.
Emirates NBD and Dubai Islamic Bank led the banking sector with 1.37 per cent and 0.48 per cent gains, respectively.
In Abu Dhabi, main index climbed 0.7 per cent, or 71 points, to 10,166.6 points as the property and banking shares rose. Aldar shares surged 3.4 per cent while Abu Dhabi Commercial Bank and First Abu Dhabi Bank up 0.56 per cent and 0.17 per cent, respectively.
International Holding Company (IHC) stocks registered an increase of 2.58 per cent. The Abu Dhabi-based conglomerate announced on Friday to invest Dh7.3 billion in Indian multinational conglomerate Adani Group’s green portfolio companies listed on the Bombay Stock Exchange and National Stock Exchange.
Makarem said the Abu Dhabi stock market rose as investors take into account the strong local economic fundamentals as the Emirate and the UAE as a whole continue to grow firmly.
“The market could also record more increases if oil prices stabilise and return to the upside,” he said.
— muzaffarrizvi@khaleejtimes.com
The wide draw will be a very hard challenge for him from barrier 15, says trainer Yoshito Yahagi
As part of a cost-cutting effort, it will lay off 2.5 per cent of its workforce over the next 18 months
Aircraft makes safe landing and takes off for destination with fresh crew
The ace handler believes that Rebel's Romance, which contests the $6m Dubai Sheema Classic, would be the horse of the night
Initiatives by local industry stakeholders, estimated to be worth Dh1.47billion, helping global equestrian sector bounce back from challenges
The former PepsiCo executive has spent the last 6 months immersing himself, earning his barista certification, visiting stores, farms, and manufacturing centres
The current wave of austerity imperils the physical and mental health of the world’s most vulnerable workers. Studies have shown that the IMF’s structural-adjustment programmes have exacerbated health inequities in the Global South, where the majority of informal workers live
This is a Promethean moment we’ve entered — one of those moments in history when certain new tools, ways of thinking or energy sources are introduced that are such a departure and advance on what existed before that you can’t just change one thing, you have to change everything