Shares in the UAE hit multi-month highs at Monday’s close, with Damac Properties and First Abu Dhabi Bank acting as catalysts.
Qatari stocks rebounded after Sunday’s sell-off, while Saudi stocks led losses across the Arabian Gulf.
The Dubai Financial Market General Index rose above technical resistance in early trade, eventually closing up 0.8 per cent at 3,602.46.
It was the index’s highest close since its April peak of 3,573 points. The next strong resistance is at 3,737-9 points, the January and February peaks.
Damac Properties once again led Dubai stocks, rising 3.8 per cent to Dh4.43, taking gains since the start of last week to more than 33 per cent.
Sanyalak Manibhandu, head of research at NBAD Securities, said there was speculation that the stock was rising as a “Trump trade in the Middle East,” given the company’s close ties to US president Donald Trump.
“Others are suggesting a special distribution, which I do not subscribe to. Lastly, there is the liquidity provision for the broker,” he said.
Islamic Arab Insurance climbed 3.4 per cent in unusually heavy trade – it was the market's most active stock.
Shares in Abu Dhabi led gains across the region, closing up 1.1 per cent at 4,575.61, their highest level since late May.
First Abu Dhabi Bank, the heaviest weighted stock on the capital’s index, closed up 2.8 per cent at Dh10.85, its highest level in a month.
Saudi Arabia's index closed TKTK per cent lower. Banque Saudi Fransi, which had added 1.4 per cent on Sunday, tumbled TKTK per cent as it went ex-dividend.
Petrochemical maker Yansab sank as much as 3.3 per cent, before closing down TKK per cent. The company reported a 54 per cent year-on-year plunge in second-quarter net profit on Monday, citing a temporary shutdown of some facilities for maintenance and higher feedstock prices, despite an increase in some sales prices.
Chemanol rose TKTKT per cent after saying it had received US$10 million from a bank guarantee after one of its marketers failed to meet contract obligations. The marketer intends to seek arbitration, Chemanol said.
The Qatar Exchange ended the day up 1 per cent, regaining ground after falling 1.3 per cent on Sunday.
Goalkeepers: Francis Uzoho, Ikechukwu Ezenwa, Daniel Akpeyi Defenders: Olaoluwa Aina, Abdullahi Shehu, Chidozie Awaziem, William Ekong, Leon Balogun, Kenneth Omeruo, Jamilu Collins, Semi Ajayi Midfielders: John Obi Mikel, Wilfred Ndidi, Oghenekaro Etebo, John Ogu Forwards: Ahmed Musa, Victor Osimhen, Moses Simon, Henry Onyekuru, Odion Ighalo, Alexander Iwobi, Samuel Kalu, Paul Onuachu, Kelechi Iheanacho, Samuel Chukwueze
On Standby: Theophilus Afelokhai, Bryan Idowu, Ikouwem Utin, Mikel Agu, Junior Ajayi, Valentine Ozornwafor
UAE currency: the story behind the money in your pockets
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
THREE POSSIBLE REPLACEMENTS
Khalfan Mubarak
The Al Jazira playmaker has for some time been tipped for stardom within UAE football, with Quique Sanchez Flores, his former manager at Al Ahli, once labelling him a “genius”. He was only 17. Now 23, Mubarak has developed into a crafty supplier of chances, evidenced by his seven assists in six league matches this season. Still to display his class at international level, though.
Rayan Yaslam
The Al Ain attacking midfielder has become a regular starter for his club in the past 15 months. Yaslam, 23, is a tidy and intelligent player, technically proficient with an eye for opening up defences. Developed while alongside Abdulrahman in the Al Ain first-team and has progressed well since manager Zoran Mamic’s arrival. However, made his UAE debut only last December.
Ismail Matar
The Al Wahda forward is revered by teammates and a key contributor to the squad. At 35, his best days are behind him, but Matar is incredibly experienced and an example to his colleagues. His ability to cope with tournament football is a concern, though, despite Matar beginning the season well. Not a like-for-like replacement, although the system could be adjusted to suit.
TWISTERS
Director: Lee Isaac Chung
Starring: Glen Powell, Daisy Edgar-Jones, Anthony Ramos
Bournemouth 0-4 Liverpool
Arsenal 1-0 Huddersfield Town
Burnley 1-0 Brighton
Manchester United 4-1 Fulham
West Ham 3-2 Crystal Palace
Saturday fixtures:
Chelsea v Manchester City, 9.30pm (UAE)
Leicester City v Tottenham Hotspur, 11.45pm (UAE)
Cricket World Cup League 2
UAE results Lost to Oman by eight runs Beat Namibia by three wickets Lost to Oman by 12 runs Beat Namibia by 43 runs
UAE fixtures Free admission. All fixtures broadcast live on icc.tv
Tuesday March 15, v PNG at Sharjah Cricket Stadium Friday March 18, v Nepal at Dubai International Stadium Saturday March 19, v PNG at Dubai International Stadium Monday March 21, v Nepal at Dubai International Stadium
Du Football Champions
The fourth season of du Football Champions was launched at Gitex on Wednesday alongside the Middle East’s first sports-tech scouting platform.“du Talents”, which enables aspiring footballers to upload their profiles and highlights reels and communicate directly with coaches, is designed to extend the reach of the programme, which has already attracted more than 21,500 players in its first three years.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The specs
Engine: 3.9-litre twin-turbo V8 Power: 620hp from 5,750-7,500rpm Torque: 760Nm from 3,000-5,750rpm Transmission: Eight-speed dual-clutch auto On sale: Now Price: From Dh1.05 million ($286,000)
