Dubai’s main equity index rallied on the back of Emaar Properties as stocks pulled themselves back into a bull market.
The jump, fund managers said, comes after a rebound in Brent oil prices and a relief rally in US stocks on Friday after the US Federal Reserve refrained from raising interest rates. The DFM General Index jumped 9.9 per cent, while the Abu Dhabi Securities Exchange General Index increased 3.5 per cent. Emaar advanced 13.7 per cent to Dh7.71 while Emirates NBD rose 12.1 per cent to Dh8.24.
In Abu Dhabi, the developer Aldar Properties rallied 13 per cent to Dh2.6 while Abu Dhabi Commercial Bank advanced 8.7 per cent to Dh7.5.
A bull market is generally accepted to be when a security or index jumps 20 per cent from a low and a bear market is the opposite.
Still, portfolio managers said the road ahead will still probably be rocky as the bottom for oil and the impact that will have on the UAE’s crude dependent economy are not yet clear.
“I would expect volatility to continue,” said Sachin Mohindra, a portfolio manager at Abu Dhabi-based Invest AD. “I am still cautious because nothing has really changed in the last one week or so. Most analysts weren’t expecting a the US Federal Reserve to increase interest rates. Second, I don’t think the oil price volatility has gone away. The fundamentals have not changed. The Opec producers are maintaining that they will not cut oil production.”
The strong wave of buying has been accompanied by an increased number of shares changing hands.
The value of shares traded on the DFM was Dh2.01 billion compared with the 50-day average of Dh1.05bn, while on the ADX, it was Dh762.1 million compared with the 50-day average of Dh329.1m.
Dubai’s measure rallied 13 per cent on Thursday, its biggest jump to date, while the ADX surged by 6.7 per cent.
The DFM had shed 14 per cent in the week before Thursday's rebound, and more than Dh60bn was wiped off the market value in the same period. That drop came as Brent crude extended losses to levels not reached since 2009 as the price declined below $60 a barrel. On Friday, Brent gained 3.6 per cent to $61.38.
mkassem@thenational.ae
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What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
UAE currency: the story behind the money in your pockets
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
The Breadwinner
Director: Nora Twomey
Starring: Saara Chaudry, Soma Chhaya, Laara Sadiq
Three stars
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
