Local markets picked up today on speculation that Aldar Properties will secure government funding.
Stocks in Abu Dhabi's biggest developer closed 3.2 per cent to Dh2.29, after reaching an intraday high of 9.5 per cent. Aldar said it is in "the final" stages of talks with the Abu Dhabi Government about its cash needs.
But the shares also fell by nearly 6 per cent in early trading after the company posted a Dh1.5 billion loss in the first nine months of this year.
The Dubai Financial Market (DFM) General Index gained 1.3 per cent to 1,715.68 points and the Abu Dhabi Securities Exchange General Index ticked 0.2 per cent higher to 2,755.30.
"Whether the buying interest in Aldar was from investors that thought all negative news had been priced in or if it was because the company will get government funding is yet to be substantiated," said Julian Bruce, the director of equity sales at EFG.
A disappointing third quarter results season and the upcoming Eid holiday, when trading closes, led investors to profit take and the market to pull back from previous highs, he added.
Shares in Sorouh Real Estate followed suit and rose 3.08 per cent to Dh1.67. The benefits were felt in Dubai where Emaar Properties, which started the week flat also gained 3.3 per cent to Dh3.77 and Arabtec increased 4.2 per cent Dh1.98.
Elsewhere in the region: Kuwait lost 0.9 per cent to 6,982.20; Bahrain fell 0.1 per cent to 1,454.52; Oman rose 0.05 per cent to 6565.13; Qatar gained 0.4 per cent to 8002.20 and the Saudi Tadawul All-Share Index added 0.3 per cent to 6449.53.
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
Du Plessis plans his retirement
South Africa captain Faf du Plessis said on Friday the Twenty20 World Cup in Australia in two years' time will be his last.
Du Plessis, 34, who has led his country in two World T20 campaigns, in 2014 and 2016, is keen to play a third but will then step aside.
"The T20 World Cup in 2020 is something I'm really looking forward to. I think right now that will probably be the last tournament for me," he said in Brisbane ahead of a one-off T20 against Australia on Saturday.
COMPANY PROFILE
Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside
MATCH INFO
Europa League final
Who: Marseille v Atletico Madrid
Where: Parc OL, Lyon, France
When: Wednesday, 10.45pm kick off (UAE)
TV: BeIN Sports
US tops drug cost charts
The study of 13 essential drugs showed costs in the United States were about 300 per cent higher than the global average, followed by Germany at 126 per cent and 122 per cent in the UAE.
Thailand, Kenya and Malaysia were rated as nations with the lowest costs, about 90 per cent cheaper.
In the case of insulin, diabetic patients in the US paid five and a half times the global average, while in the UAE the costs are about 50 per cent higher than the median price of branded and generic drugs.
Some of the costliest drugs worldwide include Lipitor for high cholesterol.
The study’s price index placed the US at an exorbitant 2,170 per cent higher for Lipitor than the average global price and the UAE at the eighth spot globally with costs 252 per cent higher.
High blood pressure medication Zestril was also more than 2,680 per cent higher in the US and the UAE price was 187 per cent higher than the global price.
SPECS: Polestar 3
Engine: Long-range dual motor with 400V battery
Power: 360kW / 483bhp
Torque: 840Nm
Transmission: Single-speed automatic
Max touring range: 628km
0-100km/h: 4.7sec
Top speed: 210kph
Price: From Dh360,000
On sale: September