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THE ECONOMY - STOCK MARKET

UAE bourses reverse gains as investors book profits

Posted on 16/10/2008

After two consecutive days of strong gains, UAE markets reversed course on Wednesday, as desperate investors resorted to early profit booking after last week's drains. More than Dh24 billion of market capitalisation was wiped away following the four per cent decline recorded by the Emirates Securities general index which stood at 4,142.65 by the close. "The market decline has nothing to do with the UAE, as investors are only following the trend in international markets where corporate ...  >>MORE

Markets on recovery path

Posted on 15/10/2008

The immediate implementation of the government's pledge to secure the banking sector by injecting Dh70 billion further enabled the markets to make an unprecedented gain of Dh46.85 billion. The Emirates Securities general index recorded its highest single-day gain, surging 8.30 per cent to 4315.33, recovering Dh46.85 billion, a significant portion of last week's losses of Dh130.5 billion. "This demonstration only reflects that the government is standing firmly behind its banking system, and ...  >>MORE

Local stock markets gaining strength

Posted on 14/10/2008

The Emirates Securities Market Index increased yesterday by 7.82% to close at 3,984.66 points. Accordingly, the Market Capitalization has gained Dh 40.94 billion attaining Dh 564.52 billion. A total of 800 million shares were traded with a total value of Dh 2.33 billion during the trading session of Monday 13 October 2008 through 20,729 transactions. The Services sector has increased by 11.84% , followed by the Industry sector that increased by 5.27% , Banks sector by 4.78% , followed by ...  >>MORE

Dubai market slides 6pc as global crisis deepens

Posted on 13/10/2008

The Dubai Financial Market (DFM) fell sharply on Sunday as investors reacted negatively to the mayhem seen in the international stock markets over the weekend on worries that steps taken by top nations of the world aren't enough to contain deepening global financial crisis. The Dubai's stock benchmark index ended down 173.01 points, or 5.41 per cent, at 3,025 points – a grim start to this week's trading. The Abu Dhabi Securities Exchange's (ADI) General Index shed 73.79 points, or 2.30 per ...  >>MORE

Foreign investors purchased Dh 2.215 billion worth of shares on DFM last week, sold Dh 2.786 billion

Posted on 12/10/2008

Dubai Financial Market announced yesterday that the value of shares bought by foreign investors, or non-UAE nationals, during last week (October 5 - 9) reached Dh 2.215 billion comprising 41.2 per cent of the total value of stocks traded during the period. The value of stocks sold by foreign investors during the same period reached Dh 2.786 billion comprising 51.8 per cent of the total value of stocks traded during the period. Net foreign investment on the market reached Dh 571.6 million ...  >>MORE

DIFC Courts announces new appointments of Registrar and Deputy Registrar

Posted on 10/10/2008

The Dubai International Financial Centre Judicial Authority announced yesterday that it has appointed Mark Beer as the Registrar of the DIFC Courts and Amna Al Owais as Deputy Registrar. These appointments enhance the senior team at the DIFC Courts, which is now fully-equipped to handle all civil and commercial disputes relating to their jurisdiction. As Registrar, Beer will be the senior administrative officer of the Judicial Authority of the DIFC and he will be responsible for the overall ...  >>MORE

DFM plummets, UAE losses US$42b overall

Posted on 09/10/2008

The Dubai Financial Market plunged a further 8 per cent on Wednesday, following other haemorrhaging stock markets lower as concerns deepened that the global credit crisis could drag the world's economy into recession. Dubai and Abu Dhabi markets have cumulatively lost US$42.6 billion in market captalisation during the past four trading sessions. Overall, GCC bloc markets — including Bahrain, Saudi Arabia, Kuwait, Oman, Qatar and the UAE — have lost US$186.3 billion in market capitalisation ...  >>MORE

Markets extend losses; DFM falls 5 per cent

Posted on 08/10/2008

The UAE equities markets extended their losses on Tuesday as foreign investors trimmed their exposures in the real estate and banking sectors on worries over global financial crisis. Dubai's market alone has lost over Dh50 billion in market capitalisation since the start of the current week. The Dubai's stock benchmark index declined 182.64 points, or 5.14 per cent, to 3,369.15 points. The Abu Dhabi Securities Exchange's (ADI) General Index shed 162.87 points, or 4.58 per cent, to 3,395.31 ...  >>MORE

UAE markets continue slide

Posted on 07/10/2008

The UAE stock markets lost a combined 500 points yesterday as blue chip companies slumped to milestone lows. The Dubai Financial Market fell 7.61 per cent to 3,552 points, its third-worst trading day ever and lowest finish since February 2005, while the Abu Dhabi Securities Exchange dropped 5.61 per cent to 3,558. These latest losses mean UAE investors have lost Dh74 billion this week alone. Analysts warn the worst may be yet to come, with global markets also in freefall as investors doubt ...  >>MORE

Markets tight as Eibor up 20 points

Posted on 07/10/2008

UAE money markets tightened yesterday as the Emirates Interbank Offered Rate (Eibor) jumped by at least 20 basis points on the back of rising London Interbank Offered Rate (Libor), and decreased liquidity. "Three-month Eibor is at 4.58 per cent and on Saturday it was at 4.28 per cent," said a dealer from a large local bank. "International and local liquidity is tight and Libor rate has jumped. On Friday Libor was 4.33 per cent and the day before it was at 4.20 per cent." Interbank lending ...  >>MORE

ADX, DFM plummet

Posted on 06/10/2008

The Abu Dhabi Securities Exchange has fallen a further 4.72% yesterday. According to AME Info, the total of 2,813 trades pushed six companies up but 29 others fell, led by the banking and energy sectors. The Dubai Financial Market plunged 6.86%, with only one company, Gulf Finance House, going up. Emaar led the decline, falling to just Dhs6.80 a share. – Emirates News Agency, WAM ...  >>MORE

Total market capitalisation in Dubai drops from Dh450bn to Dh405bn in September

Posted on 01/10/2008

The combined market capitalisation of Dubai Financial Market-listed companies fell by 10 per cent in September. The DFM General Index lost 13.3 per cent this month, its largest fall of 2008, while the total market cap dropped from Dh450 billion to Dh405bn over the same period. This slump comes despite the market's traded value increasing by almost a third to Dh22.6bn in September, compared to Dh17.4bn in August. The number of traded shares also jumped, climbing 41 per cent from 4bn to 5.6bn, ...  >>MORE

Foreign investors purchase Dh 2.606 billion worth of shares on DFM

Posted on 28/09/2008

Dubai Financial Market (DFM) announced today that the value of shares bought by foreign investors, or non-UAE nationals, during last week (September 21- September 25) reached Dh 2.606 billion comprising 35.8 per cent of the total value of stocks traded during the period. The value of stocks sold by foreign investors during the same period reached Dh 2.628 billion comprising 36.1 per cent of the total value of stocks traded during the period. Net foreign investment on the market reached Dh 22 ...  >>MORE

Two new foreign companies register at UAE's SCA

Posted on 26/09/2008

The Securities and Commodities Authority (SCA) of the United Arab Emirates yesterday approved the registration of Oman's Al-Jazeera steel Products Company and Kuwait-based National International Holding Company (NIH) which will be later listed on the securities market. This brings the total number of the public joint-stock companies currently registered at SCA to 135, and the total number of registered foreign companies to 31. ...  >>MORE

Dubai, Abu Dhabi bourses tumble on selling pressure

Posted on 24/09/2008

UAE stock exchanges fell a combined 270 points yesterday as investors sold up ahead of the Eid holidays as sentiment on global markets darkened. DFM accounted for the bulk of domestic losses to drop 3.56 per cent to 4,051 points, the fourth time it has lost more than three per cent this month. Abu Dhabi's two-day rally came to an abrupt end as the capital's Securities Exchange fell 2.84 per cent to 3,900 points. The latest declines have dashed hopes of a convincing market recovery. ...  >>MORE

UAE markets rebound sharply

Posted on 22/09/2008

The UAE stock exchanges surged more than 600 points yesterday following the US Government's US$700 billion (Dh2.6bn) rescue of its faltering finance sector. After global markets rallied on Friday, UAE equities followed suit, with the Dubai Financial Market surging 9.9 per cent to claim its largest one-day gain since January, while the Abu Dhabi Securities Exchange added 5.9 per cent. "The DFM resurgence was spectacular and even eclipsed the [London] FTSE's rise on Friday," said Sanyalaksna ...  >>MORE

Foreign investors purchase Dh2.221billion worth of shares on DFM last week

Posted on 21/09/2008

Dubai Financial Market announced yesterday that the value of shares bought by foreign investors, or non-UAE nationals, during last week reached Dh 2.221 billion comprising 35.7 per cent of the total value of stocks traded during the period. The value of stocks sold by foreign investors during the same period reached Dh 2.945 billion comprising 47.3 per cent of the total value of stocks traded during the period. Net foreign investment on the market reached Dh 724.5 million during the same ...  >>MORE

ESCA warns on ‘Short Selling’

Posted on 21/09/2008

The Emirates Securities and Commodities Authority (ESCA) on Saturday warned portfolio funds to refrain from illegal practice of ‘Short-selling'. The warning comes, at a time when nation's two stock markets are undergoing tough times of their history, with share indices fluctuating heavily, as several foreign portfolio funds are squaring up their positions. The Emirates Securities and Commodities Authority (ESCA) chief executive Abdullah Al Turaifi has affirmed that the illegal transactions ...  >>MORE

UAE stocks rally on global cues

Posted on 18/09/2008

UAE and Gulf stocks rose on Wednesday, mirroring the rebound in some Asian shares and US shares on Tuesday after the Federal Reserve bailed out insurance giant AIG and central governments around the world pumped in billions into the financial system. Oil increasing $3 a barrel on Wednesday also buoyed investor sentiment. The Dubai Financial Market closed 2.29 per cent up at 4,044.99, with the market turnover expanding 17.11 per cent to Dh1.30 billion, putting an end to five straight days of ...  >>MORE

UAE shares slide as crisis hits US financial sector

Posted on 16/09/2008

Shares in Dubai retreated for a fourth day, losing 1.7 per cent at 4,044.27 on Monday as Gulf Arab indexes fell due to a drop in oil prices and after investors fled emerging markets fearing further declines from a US investment bank's bankruptcy. The Abu Dhabi bourse also dropped sharply, tumbling 4.4 per cent to close at 3,754.49 points, although analysts ruled out any direct connection between the declines in the UAE and global markets. "While the UAE is open to foreign investments, ...  >>MORE

Dubai bourse could launch gold futures contract Nymex-style

Posted on 15/09/2008

The Dubai Mercantile Exchange (DME) may launch a gold futures contract similar to one traded on the Comex division of the New York Mercantile Exchange (Nymex), its chief executive said on Sunday. Dubai is a long-established market for gold bullion as well as wholesale and retail jewellery. The new contract would be the latest salvo in a battle for the region's derivatives market between the DME and local rival the Dubai Gold and Commodities Exchange (DGCX). The DGCX launched the region's ...  >>MORE

Property stocks lead slide in Dubai

Posted on 15/09/2008

Property stocks led losses on Dubai's main index, which on Sunday plunged 3.4 per cent at 4,114.74 points, its lowest close since August 2007, as international investors sold their shares. The Abu Dhabi bourse plummeted 2.7 per cent to close at 3,925.08, the lowest since October. Arabtec Holding, builder of the world's tallest tower in Dubai, fell 11.2 per cent to Dh11.05 followed by Islamic mortgage provider Tamweel with a drop of over 10 per cent to Dh4.21 while Dubai Islamic Bank (DIB), ...  >>MORE

Emaar to buy back shares

Posted on 14/09/2008

In an effort to shore up its plummeting share prices, Emaar Properties on Saturday announced a buyback of its shares. Brokers, investment analysts and market intermediaries welcomed the move and said it will have a positive impact on Emaar and the entire market. "We expect this move to restore investor confidence in Emaar, the real estate sector and the entire UAE market," said Rami Sidani, Head of Investments Middle East at Schroders. Emaar's Board of Directors the Securities and ...  >>MORE

UAE Stock Markets Fall

Posted on 08/09/2008

Stock markets in the UAE fell on Sunday as growing levels of uncertainty hit real-estate stocks. The benchmark Dubai Financial Market fell 4.6 per cent to close at 4,461.71. The Abu Dhabi bourse also declined 3.7 per cent to 4,149.57. The real estate sub index led the overall market down falling 7.30 per cent. Sentiment is rapidly changing in the sector as a result of several steps taken by the government and regulators to dampen speculation and quell overheating. These steps are filtering ...  >>MORE

Dh336.7million, net foreign investment on DFM last week

Posted on 07/09/2008

Dubai Financial Market (DFM) announced yesterday that the value of shares bought by foreign investors during last week (Aug. 31 - Sept. 04) reached Dh 1.040 billion comprising 40.24 per cent of the total value of stocks traded during the period. The value of stocks sold by foreign investors during the same period reached Dh1.377billion comprising 53.26 per cent of the total value of stocks traded during the period. Net foreign investment on the market reached Dh 336.70 million during the same ...  >>MORE

Sheikh Mohammed Bin Rashid enacts new Arbitration Law of DIFC

Posted on 02/09/2008

HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai has enacted the new Arbitration Law of the Dubai International Financial Centre (DIFC). The new Law will enable the recently established DIFC-LCIA Arbitration Centre to provide neutral, efficient and reliable dispute resolution services to companies throughout the world. The enactment of the Law will help DIFC position itself as a world-class centre for arbitration. The Arbitration Law ...  >>MORE

Foreign investors purchase Dh1.11b worth of shares on DFM

Posted on 31/08/2008

Dubai Financial Market announced that the value of shares bought by foreign investors, or non-UAE nationals, during last week (August 24-28) reached Dh1.114 billion comprising 31.74 per cent of the total value of stocks traded during the period. The value of stocks sold by foreign investors during the same period reached Dh1.663 billion comprising 47.38 per cent of the total value of stocks traded during the period. Net foreign investment on the market reached Dh 549 million during the same ...  >>MORE

Dubai ranked fifth financial centre outside US, Europe

Posted on 13/08/2008

Dubai is boosting the emergence of the Gulf Cooperation Council (GCC) region as a centre of activity in the global financial industry, according to a study undertaken by UK-based global research organisation Chatham House. The study titled 'The Gulf as a Global Financial Centre: Growing Opportunities and International Influence' examines the prospects for the economies of the Gulf Cooperation Council (GCC) countries and the potential development of the region as a Global Financial Centre. ...  >>MORE

UAE, Egypt investors to benefit from new trading platform

Posted on 13/08/2008

The investors in the UAE as well as Egypt can now buy and sell securities, on each other's stock markets, as Abu Dhabi Financial Services a subsidiary of NBAD has acquired a brokerage firm in Egypt. The Egyptian Capital Markets Authority and the Egyptian Stock Exchange has given approval to ADFS's acquisition of Al Salam Brokerage's 70 per cent interest which will help setting up a mechanism to facilitate the trading. The new partnership which emerged after the acquisition will have ...  >>MORE

Foreign investors purchase Dh1.916 billion worth of shares on DFM

Posted on 10/08/2008

Dubai Financial Market (DFM) announced yesterday that the value of shares bought by foreign investors, or non-UAE nationals, during last week (03 August - 07 August) reached Dh1.917 billion comprising 37.49 per cent of the total value of stocks traded during the period. The value of stocks sold by foreign investors during the same period reached Dh2.321 billion comprising 45.39 per cent of the total value of stocks traded during the period. Net foreign investment on the market reached Dh404 ...  >>MORE

Kuwait Finance and Investment Company debuts on Dubai Financial Market

Posted on 04/08/2008

Dubai Financial Market (DFM) yesterday announced the listing of Kuwait Finance and Investment Company (KFIC), incorporated in Kuwait. Company shares began trading under the trading symbol "KFIC," which will appear on DFM screens, trading systems and publications. Sana Juma, CEO of Kuwait Finance and Investment Company; and Nasser Al Shaali, Board Member of Dubai Financial Market, attended the listing ceremony along with senior members of DFM and Kuwait Finance and Investment Company. The ...  >>MORE

Foreign investors purchase Dh723 million worth of shares on DFM

Posted on 03/08/2008

Dubai Financial Market announced yesterday that the value of shares bought by foreign investors, or non-UAE nationals, during last week (July 27- July 30) reached Dh723 million, representing 33.6 per cent of the total value of stocks traded during the period. The value of stocks sold by foreign investors during the same period reached Dh992.2 billion, comprising 46.1 per cent of the total value of stocks traded during the period. Net foreign investment on the market reached Dh269.2 million ...  >>MORE

DubaiPTG, region’s first independent trading arcade, records robust growth

Posted on 24/07/2008

Dubai Professional Trading Group (DubaiPTG) has reported that its trading volumes have exceeded one million contracts or lots traded per month, making it the most active derivative trading centre in the Middle East. Since launching in December 2007, DubaiPTG, the Middle East's first independent trading arcade, has succeeded in attracting a number of top independent traders from both Europe and the Middle East, leading to a growth in trading volumes which have risen quickly, with contracts ...  >>MORE

ADX signs custody agreement with Standard Chartered

Posted on 17/07/2008

Abu Dhabi Securities Exchange (ADX) has signed a custody agreement with Standard Chartered to encourage and facilitate portfolio investment, to enlarge its investors' base. A custodian is an integral part of the chain of intermediaries that constitute the investment for foreign institutional investors. While the execution of trade takes place through brokers, a custodian performs key functions such as opening cash and securities accounts, settlement of trades, collection of dividends and ...  >>MORE

DFM announces H1 net profit of Dh560 million

Posted on 13/07/2008

The Dubai Financial Market Company (DFM Company) has announced its preliminary financial results for the first half of 2008, demonstrating consistent growth during a period of ongoing expansion. DFM Company recorded a net profit of Dh560 million from operational activities and investments for the first half of 2008, an increase of 100 per cent compared to Dh280 million in net profit from operational activities and investments for the same period in 2007. The company recorded total revenues of ...  >>MORE

Value and volume of trading on ADX soars in first half 2008

Posted on 10/07/2008

The value of securities traded in the first half of 2008 trebled compared to the first half of 2007, announced Tom Healy, Chief Executive of the Abu Dhabi Securities Exchange (ADX). Discussing the first half performance figures for the Exchange, Healy explained that the value of securities traded on ADX from 1 January to 30 June 2008 was Dh163 billion (US$44 billion). This compares to Dh51 billion (US$14 billion) in the same period last year. Accordingly, the number of shares traded and the ...  >>MORE

Dubai exchange to introduce new software from Nasdaq OMX group

Posted on 02/07/2008

United Arab Emirates - The Dubai International Financial Exchange will start working with a new software supplied by Nasdaq OMX Group Inc. that will enable the exchange to trade in equity derivatives, its representatives said Tuesday in a press statement. The new software will be launched July 4, and DIFX plans to list equity derivatives later this year after it gains regulatory approval from Dubai authorities, the statement said. Peter FitzGerald, Chief Operating Officer of DIFX, said the ...  >>MORE

Foreign investors purchase Dh2.069b of shares on DFM

Posted on 29/06/2008

Dubai Financial Market has announced that the value of shares bought by foreign investors, or non-UAE nationals, during last week reached Dh2.069 billion comprising 35.1 per cent of the total value of stocks traded during the period. The value of stocks sold by foreign investors during the same period reached Dh2.002 billion comprising 34 per cent of the total value of stocks traded during the period. Net foreign investment on the market reached Dh66.5 million during the same period, as ...  >>MORE

DIFX set to introduce derivatives

Posted on 29/06/2008

The Dubai International Financial Exchange (DIFX) plans to launch derivatives trading in the second half of 2008, a bourse official told a Dubai-based news channel. Investors will have the option to trade on individual stocks or stocks representing the whole index, as well as future contracts, said senior vice-president of innovation and development Armen Papazian. The stock exchange is also expecting more initial public offerings (IPOs), said Papazian. Dubai-based jewellery firm Damas said ...  >>MORE

DIFC Week 2008 to focus on regional growth prospects

Posted on 24/06/2008

The Dubai International Financial Centre (DIFC) yesterday announced that DIFC Week, its prestigious annual programme of conferences featuring the world's foremost financial and economic leaders, will be held from 23-26 November 2008. Under the theme "Sustaining our Oasis of Prosperity in a Turbulent World”, DIFC Week 2008 will be devoted to discussing regional growth prospects in the light of current global developments. Dr Omar bin Sulaiman, Governor of DIFC said: "Spurred by globalisation ...  >>MORE

DIFC partners SOAS, UoL to offer MSc degree in Finance and Financial Law

Posted on 23/06/2008

The DIFC Centre of Excellence yesterday announced it will work with the University of London's Centre for Financial and Management Studies (CeFiMS) at the School of Oriental and African Studies (SOAS) to offer its MSc degree in Finance and Financial Law in the region. Based in Dubai, the prestigious two-year programme will offer courses taught by CeFiMS academic faculty. The subjects covered in the programme will include corporate finance, financial law and risk management. Upon graduating, ...  >>MORE

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Quick List

UAE bourses reverse gains as investors book profits


Markets on recovery path


Local stock markets gaining strength


Dubai market slides 6pc as global crisis deepens


Foreign investors purchased Dh 2.215 billion worth of shares on DFM last week, sold Dh 2.786 billion


DIFC Courts announces new appointments of Registrar and Deputy Registrar


DFM plummets, UAE losses US$42b overall


Markets extend losses; DFM falls 5 per cent


UAE markets continue slide


Markets tight as Eibor up 20 points


ADX, DFM plummet


Total market capitalisation in Dubai drops from Dh450bn to Dh405bn in September


Foreign investors purchase Dh 2.606 billion worth of shares on DFM


Two new foreign companies register at UAE's SCA


Dubai, Abu Dhabi bourses tumble on selling pressure


UAE markets rebound sharply


Foreign investors purchase Dh2.221billion worth of shares on DFM last week


ESCA warns on ‘Short Selling’


UAE stocks rally on global cues


UAE shares slide as crisis hits US financial sector


Dubai bourse could launch gold futures contract Nymex-style


Property stocks lead slide in Dubai


Emaar to buy back shares


UAE Stock Markets Fall


Dh336.7million, net foreign investment on DFM last week


Sheikh Mohammed Bin Rashid enacts new Arbitration Law of DIFC


Foreign investors purchase Dh1.11b worth of shares on DFM


Dubai ranked fifth financial centre outside US, Europe


UAE, Egypt investors to benefit from new trading platform


Foreign investors purchase Dh1.916 billion worth of shares on DFM


Kuwait Finance and Investment Company debuts on Dubai Financial Market


Foreign investors purchase Dh723 million worth of shares on DFM


DubaiPTG, region’s first independent trading arcade, records robust growth


ADX signs custody agreement with Standard Chartered


DFM announces H1 net profit of Dh560 million


Value and volume of trading on ADX soars in first half 2008


Dubai exchange to introduce new software from Nasdaq OMX group


Foreign investors purchase Dh2.069b of shares on DFM


DIFX set to introduce derivatives


DIFC Week 2008 to focus on regional growth prospects


DIFC partners SOAS, UoL to offer MSc degree in Finance and Financial Law