Oman and Qatar markets saw strong gains today. AFP
Oman and Qatar markets saw strong gains today. AFP
Oman and Qatar markets saw strong gains today. AFP
Oman and Qatar markets saw strong gains today. AFP

Stocks see final flurries before Eid


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Gulf markets rose as traders tried to rake in a few last gains before their closure from tomorrow for Eid Al Fitr.

The absence of firm signals from the US Federal Reserve on Friday that a further burst of monetary stimulus is imminent proved little impediment to markets in the UAE, which made tentative gains yesterday.

Many investors had prepared for a sell-off after high expectations of a new round of quantitative easing, nicknamed QE3.

Instead, stocks on the Dubai Financial Market General Index rose 0.6 per cent to 1,474.52, while the Abu Dhabi Securities Exchange General Index gained 0.4 per cent to 2,602.04, despite a slump in volumes.

Elsewhere in the Gulf, Oman and Qatar made strong gains, while Kuwait and Bahrain's markets were flat. Saudi Arabia's Tadawul All-Share Index was closed to mark Eid Al Fitr.

Property stocks that were battered during the turmoil on world markets this month resumed their climb, with Emaar Properties, Aldar and Drake & Scull International rising as investors searched for stocks trading at low valuations.

"Trading at three to four times book value, you start to ask what else can go wrong," said Majed Azzam, a property analyst at AlembicHC. "At least the down side is limited."

The morning's biggest mover was DP World, which rose 4.2 per cent to US$11 a share, moving the FTSE Nasdaq Dubai UAE 20 index up 1.5 per cent to 1,529.64.

The Dubai ports operator reported a near-quadrupling of profits on Thursday during the first half of the year, following the sale of its Australian operations.

National Bank of Abu Dhabi, the UAE's biggest lender by market capitalisation, rose 0.90 per cent to Dh11.25 per share following reports it will issue bonds before the end of the year.

Australia World Cup squad

Aaron Finch (capt), Usman Khawaja, David Warner, Steve Smith, Shaun Marsh, Glenn Maxwell, Marcus Stoinis, Alex Carey, Pat Cummins, Mitchell Starc, Jhye Richardson, Nathan Coulter-Nile, Jason Behrendorff, Nathan Lyon, Adam Zampa

SPEC%20SHEET%3A%20APPLE%20IPAD%20(2022)
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Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
The biog

Siblings: five brothers and one sister

Education: Bachelors in Political Science at the University of Minnesota

Interests: Swimming, tennis and the gym

Favourite place: UAE

Favourite packet food on the trip: pasta primavera

What he did to pass the time during the trip: listen to audio books

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

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UAE currency: the story behind the money in your pockets

Starring: Jamie Foxx, Angela Bassett, Tina Fey

Directed by: Pete Doctor

Rating: 4 stars

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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UAE currency: the story behind the money in your pockets
How to keep control of your emotions

If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.

Greed

Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.

Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.

Fear

The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.

Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.

Hope

While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.

Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.

Frustration

Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.

Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.

Boredom

Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.

Tip: Open an online demo account and get your thrills without risking real money.

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

Profile of Bitex UAE

Date of launch: November 2018

Founder: Monark Modi

Based: Business Bay, Dubai

Sector: Financial services

Size: Eight employees

Investors: Self-funded to date with $1m of personal savings

The team

Photographer: Mateusz Stefanowski at Art Factory 
Videographer: Jear Valasquez 
Fashion director: Sarah Maisey
Make-up: Gulum Erzincan at Art Factory 
Model: Randa at Art Factory Videographer’s assistant: Zanong Magat 
Photographer’s assistant: Sophia Shlykova 
With thanks to Jubail Mangrove Park, Jubail Island, Abu Dhabi