The Dubai Financial Market (DFM) made small gains yesterday, as investors weighed current valuations of companies against their earnings outlook.
Emaar Properties rose 1.7 per cent to Dh2.94.
"Today's performance is a result of an oversold situation and the market reaching strong support levels," said Tariq Qaqish, the deputy head of asset management at Al Mal Capital in Dubai.
"There has been a lot of confidence built in this year backed by solid economic growth, better liquidity in the banking sector and bottoming of real estate in Dubai."
Arabtec Holding rose 0.3 per cent to Dh2.92 after the emirate's biggest contractor confirmed that Aabar Investments, an Abu Dhabi state-owned fund, had a 20.93 per cent holding in the company as of Monday. The DFM General Index rose 0.3 per cent to 1,486.36 points.
Trading was mixed on the Abu Dhabi Securities Exchange (ADX), with gains led by insurance companies and losses by property companies.
Al Khazna Insurance rose 8.7 per cent to 75 fils a share. National Takaful, also known as Watania, rose 8.2 per cent to Dh1.19. Methaq Takaful rose 7 per cent to Dh1.10.
By contrast, Aldar Properties lost 1.9 per cent to Dh1.02. The ADX General Index was little changed at 2,473.32.
Elsewhere in the region: Kuwait's measure added 0.1 per cent to 6,441.35; Bahrain's measure was little changed at 1,155.85; Oman's measure lost 1.1 per cent to 5,587.14; Qatar's benchmark was little changed at 8,491.32. The Saudi Tadawul All-Share Index moved 0.51 per cent cent to 7,104.24.
[ halsayegh@thenational.ae ]
twitter: Follow and share our breaking business news. Follow us
iPad users can follow our twitterfeed via Flipboard - just search for Ind_Insights on the app.
If you go
The flights
Emirates flies from Dubai to Seattle from Dh5,555 return, including taxes. Portland is a 260 km drive from Seattle and Emirates offers codeshare flights to Portland with its partner Alaska Airlines.
The car
Hertz (www.hertz.ae) offers compact car rental from about $300 per week, including taxes. Emirates Skywards members can earn points on their car hire through Hertz.
Parks and accommodation
For information on Crater Lake National Park, visit www.nps.gov/crla/index.htm . Because of the altitude, large parts of the park are closed in winter due to snow. While the park’s summer season is May 22-October 31, typically, the full loop of the Rim Drive is only possible from late July until the end of October. Entry costs $25 per car for a day. For accommodation, see www.travelcraterlake.com. For information on Umpqua Hot Springs, see www.fs.usda.gov and https://soakoregon.com/umpqua-hot-springs/. For Bend, see https://www.visitbend.com/.
The new Turing Test
The Coffee Test
A machine is required to enter an average American home and figure out how to make coffee: find the coffee machine, find the coffee, add water, find a mug and brew the coffee by pushing the proper buttons.
Proposed by Steve Wozniak, Apple co-founder
The specs
Engine: 2.0-litre turbo 4-cyl
Transmission: eight-speed auto
Power: 190bhp
Torque: 300Nm
Price: Dh169,900
On sale: now
RESULTS
5pm Maiden (PA) Dh80,000 (Turf) 1,600m
Winner Thabet Al Reef, Bernardo Pinheiro (jockey), Abdallah Al Hammadi (trainer)
5.30pm Handicap (PA) Dh80,000 (T) 1,600m
Winner Blue Diamond, Pat Cosgrave, Abdallah Al Hammadi
6pm Arabian Triple Crown Round-1 Listed (PA) Dh230,000 (T) 1,600m
Winner Hameem, Adrie de Vries, Abdallah Al Hammadi
6.30pm Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,400m
Winner Shoja’A Muscat, Szczepan Mazur, Ibrahim Al Hadhrami
7pm Maiden (PA) Dh80,000 (T) 1,200m
Winner Heros De Lagarde, Szczepan Mazur, Ibrahim Al Hadhrami
7.30pm Handicap (TB) Dh100,000 (T) 2,400m
Winner Good Tidings, Antonio Fresu, Musabah Al Muhairi
The specs
Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder
Power: 220 and 280 horsepower
Torque: 350 and 360Nm
Transmission: eight-speed automatic
Price: from Dh136,521 + VAT and Dh166,464 + VAT
On sale: now
Spain drain
CONVICTED
Lionel Messi Found guilty in 2016 of of using companies in Belize, Britain, Switzerland and Uruguay to avoid paying €4.1m in taxes on income earned from image rights. Sentenced to 21 months in jail and fined more than €2m. But prison sentence has since been replaced by another fine of €252,000.
Javier Mascherano Accepted one-year suspended sentence in January 2016 for tax fraud after found guilty of failing to pay €1.5m in taxes for 2011 and 2012. Unlike Messi he avoided trial by admitting to tax evasion.
Angel di Maria Argentina and Paris Saint-Germain star Angel di Maria was fined and given a 16-month prison sentence for tax fraud during his time at Real Madrid. But he is unlikely to go to prison as is normal in Spain for first offences for non-violent crimes carrying sentence of less than two years.
SUSPECTED
Cristiano Ronaldo Real Madrid's star striker, accused of evading €14.7m in taxes, appears in court on Monday. Portuguese star faces four charges of fraud through offshore companies.
Jose Mourinho Manchester United manager accused of evading €3.3m in tax in 2011 and 2012, during time in charge at Real Madrid. But Gestifute, which represents him, says he has already settled matter with Spanish tax authorities.
Samuel Eto'o In November 2016, Spanish prosecutors sought jail sentence of 10 years and fines totalling €18m for Cameroonian, accused of failing to pay €3.9m in taxes during time at Barcelona from 2004 to 2009.
Radamel Falcao Colombian striker Falcao suspected of failing to correctly declare €7.4m of income earned from image rights between 2012 and 2013 while at Atletico Madrid. He has since paid €8.2m to Spanish tax authorities, a sum that includes interest on the original amount.
Jorge Mendes Portuguese super-agent put under official investigation last month by Spanish court investigating alleged tax evasion by Falcao, a client of his. He defended himself, telling closed-door hearing he "never" advised players in tax matters.
EA Sports FC 24
Developer: EA Vancouver, EA Romania
Publisher: EA Sports
Consoles: Nintendo Switch, PlayStation 4&5, PC and Xbox One
Rating: 3.5/5
De De Pyaar De
Produced: Luv Films, YRF Films
Directed: Akiv Ali
Cast: Ajay Devgn, Tabu, Rakul Preet Singh, Jimmy Sheirgill, Jaaved Jaffrey
Rating: 3.5/5 stars
Origin
Dan Brown
Doubleday
