Abu Dhabi shares rose 4 per cent in early trading today in a volatile session for local markets. Dubai shares opened lower but quickly stabilized after heavy sell-offs last week. The Dubai Financial General Index, the emirates benchmark stock index, advanced 0.9 per cent at 10.30am. Shares in the neighbouring stock market of Abu Dhabi traded 4 per cent higher after opening on a positive note right from the start. Shares on Nasdaq Dubai fell 6.8 per cent. A request by Dubai World to its ask creditors for a debt standstill 10 days ago reverberated through global stock markets and led to a sell-off on local and international markets "The session is very volatile, There is some very aggressive buying but I cannot explain where it is coming from," said Ali Khan, the managing director and head of brokerage at Arqaam Capital. Banks and property developers looked most vulnerable to buying pressures. Initial declines were led by developer Emaar Properties, construction company Arabtec and Shuaa Capital, the local investment bank. Banking sector woes were further aggravated after the National Bank of Oman, a large Gulf lender, said it owed 8.7 million rials to Dubai World, the conglomerate with US$59 billion in liabilities. Its shares fell 9.4 per cent in its biggest intra-day drop since April 28. However, some experts are already upbeat about buying opportunities. EFG-Hermes, the Egyptian investment bank has pointed investors to buying opportunities outside of the banking and property sectors after cutting valuations for many UAE-based companies. "Outside of the real estate and banking sectors, we believe investors can find some attractive buying opportunities. That said, for long-term investors some real estate names might be worth considering sooner than expected, especially if they continue to fall hard," the bank said in a report.
- Aldar chairman: stable Abu Dhabi economy driving property sector
- Hakkasan and MGM form joint venture with Abu Dhabi and Dubai resorts underway
- Fifa World Cup gives a shot to Brazil’s rental entrepreneurs as hotel space comes up short
- In pictures: A decade since the European Union went east
- Regulatory nod for tie-up between Green Crescent and Axa
- Taqa arranges ¥20.4bn Samurai loan
- Most Viewed
- Most Commented
- Most Viewed
- Most Commented
- History shines light on the true borders of Palestine
- Reduce speed limit buffer on UAE roads, experts urge
- American ‘has UAE Embassy documents’ to back up medicinal marijuana claim
- Nakheel to sell plots for hotels and resorts on Dubai’s Deira Islands
- UAE’s healthcare system must grant equitable access to all
In pictures: Where Dubai rents have risen and fallen, Q1 2014
Find out how rental prices in the prime locations in Dubai have altered during the first three months of the year and the current rates you will pay according to data provided by Asteco.
In pictures: Penthouse flat is height of Dubai luxury living
A five-bedroom penthouse in Ocean Heights in Dubai Marina is on sale for Dh25 million and comes with a private pool and an unparalleled view of Dubai.
In pictures: Best business images for the week to April 17, 2014
Here are some of the best business images for the week to April 17, 2014.
In pictures: A decade since the European Union went east
May 1 will mark 10 years since the European Union expanded east, taking in countries like Poland, the Czech Republic and the Baltic states as new members. And though the border region between Germany and Poland is flourishing with trade and cultural exchange, the open border has also brought a sharp rise in crime.
April corporate and economic calendar for the UAE and overseas
From Cityscape to Wetex to stock-market holidays to nations reporting first-quarter GDP figures, here is our helpful calendar of April's business events in the UAE and internationally.
Rates report: Latest on UAE loans, accounts and credit cards
Souqamal.com brings you the latest interest rates on banking products in the UAE.