A big rise in European stocks lifted the UAE's indexes higher, as a lack of local events led sentiment on international markets to dominate local bourses.
The UAE's markets made gains after Europe's stocks started the trading week sharply higher, calming fears of investors in local markets that the market rout seen earlier this month would continue.
Stocks on the Dubai Financial Market rose 0.85 per cent to 1,464.86, while Abu Dhabi's gauge was up 0.59 per cent to 2,570.95, snapping a week-long string of losses.
Rises in large cap stocks buoyed Abu Dhabi's index, including Etisalat, which rose 0.49 per cent to Dh10.20 a share, and Aldar, which increased 0.85 per cent to Dh1.18 a share. Dubai Islamic Bank, Emaar Properties and Tabreed were among the stocks rising on Dubai's market.
The gains came after European shares opened sharply higher, with the UK's FTSE 100 index up 2.12 per cent to 5,147.71 and the FTSE MIB Index of Italian stocks rising 2.88 per cent to 15,022.52.
Most indexes on the continent have had a harrowing month as the eurozone's sovereign debt crisis shows little sign of abating. Italy's measure has lost a fifth of its value since the start of August.
But optimism over global stock markets' performance is now the biggest factor moving markets in the region, said Rami Sidani, the head of Mena region portfolio management at Schroders, the international investment house.
"Today saw a bit of a rebound in Europe," he said. "What's happening globally is the main driver, dictating regional market performance."
But a big question mark remains over the US Federal Reserve to stimulate the world's largest economy. Fed chairman Ben Bernanke used his speech at Jackson Hole last year to announce a second round of quantitative easing, dubbed QE2.
"There's now a big expectation of a QE3 on the horizon," Mr Sidani said, a possibility which would bring extra liquidity for local markets.
Elsewhere in the Gulf, Bahrain and Kuwait's markets gained, while Saudi Arabia and Oman fell. Qatar's markets ended the day flat.
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Hobbies: Writing and running
Favourite sport: beach volleyball
Favourite holiday destinations: Turkey and Puerto Rico
ICC Women's T20 World Cup Asia Qualifier 2025, Thailand
UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
UAE currency: the story behind the money in your pockets
More on Quran memorisation:
Shubh Mangal Saavdhan
Directed by: RS Prasanna
Starring: Ayushmann Khurrana, Bhumi Pednekar
Stage 2
1. Mathieu van der Poel (NED) Alpecin-Fenix 4:18:30
2. Tadej Pogacar (SLV) UAE Team Emirates 0:00:06
3. Primoz Roglic (SLV) Jumbo-Visma 0:00:06
4. Wilco Kelderman (NED) Bora-Hansgrohe 0:00:06
5. Julian Alaphilippe (FRA) Deceuninck-QuickStep 0:00:08
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
Killing of Qassem Suleimani
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UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company
