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Tuesday, August 23, 2022

Gulf News - In UAE, DFM and ADX remain flat while Asian stock markets take a dive on renewed rate hike talk

By Vijay Valecha in 'Century in News'

Gulf News - In UAE, DFM and ADX remain flat...
Vijay Valecha, Special to Gulf News August 23, 2022

Dubai: The UAE stock markets did not join Asian peers in a broad sell-off, with investors taking heart from the continuing strength in oil prices. At the end of the first 30 minutes of trading Tuesday, the DFM was down only 6.30 points, with Emaar still under pressure and Union Properties reversing some of Monday’s gains.

By 12.30pm, the ADX was in the red, by 0.14 per cent, while DFM reduced its decline to 3.41 per cent.

On the ADX, the sentiment is positive with a 0.20 per cent gain, with IHC and FAB leading the way. AD Ports Group is also in the positive. “The sentiment seems to be driven by oil gaining traction on the upside and the dollar’s strength is also helping,” said Vijay Valecha, Chief Investment Officer at Century Financial.

The Emaar dip is a continuation from mixed investor sentiments over the Dubai mega-developer deciding to sell its Namshi fashion portal to noon for $335 million plus. The stock is down 0.51 per cent to Dh5.81 after seeing up to a 1.86 per cent dip on Monday. (The market and investors are awaiting noon’s confirmation the deal is going ahead.)

Compared to the near flatness on UAE stock markets, across Asia, there is a sea of red. The Indian Sensex is down for a third straight day, down 130 points, while Nikkei 225 slipped 341 points and Hang Seng by 249.

The Sensex later in the day changed course, closing 300 points higher. The other Asian markets remained stuck in declines.

Source:
Gulf News
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