Despite a mixed month for the stock prices of listed exchange group this February, which declined 0.8% according to the latest analysis based on the FTSE Mondo Visione Exchanges Index, the 28-constituent index is up around 20% in a year, Dubai Financial Market took the yellow jersey for the month.
Amid talk that the oil-rich countries of the Gulf Cooperation Council (GCC) enjoy a certain immunity to low oil prices—at least enough to keep the big boys of OPEC from becoming desperate enough to cut production—Gulf stock markets are not immune, and they’re falling right along with oil—hard and fast. Since crude oil prices started their downward spiral in mid-June 2014, the Saudi Arabian TASI has dropped 39 percent, the Dubai Financial Market General Index (DFMGI) has lost 34 percent and the Kuwaiti exchange is down 28.7…
Фондовый рынок ОАЭ начал новую торговую неделю рекордным падением индексов. Основной индекс биржи Дубая (Dubai Financial Market General Index - DFM) открыл торги падением на пять процентов. Об этом сообщила газета Галф ньюс . Подробнее читайте на нашем сайте www.oilru.com
United Arab Emirates stocks were lower after the close on Tuesday, as losses in the Consumer Staples, Finance&Investment and Real Estate&Construction sectors led shares lower. At the close in Dubai, the DFM General fell 2.53% to hit a new 3-months low, while the ADX General index declined 1.97%. The best performers of the session on the DFM General were Takaful House (DU:DTKF), which rose 2.77% or 0.016 points to trade at 0.594 at the close. Meanwhile, Dubai National Insurance (DU:DNIN) added 1.79% or 0.050 points to end at 2.850 and Emirate Integrated Telecom Co PJSC (DU:DU) was up 0.19% or 0.010 points to 5.290 in late trade. The worst performers of the session were SHUAA Capital PSC (DU:SHUA), which fell 5.26% or 0.030 points to trade at 0.540 at the close. Arabtec Holding PJSC (DU:ARTC) declined 4.63% or 0.100 points to end at 2.060 and Dubai Financial Market PJSC (DU:DFM) was down 4.52% or 0.080 points to 1.690. The top performers on the ADX General were Ad Shipbldg Co (AD:ADSB) which rose 4.74% to 3.98, Al-Qaiwain Cmn (AD:QCEM) which was unchanged 0.00% to settle at 1.10 and Gulf Medical Projects Co PSC (AD:GMPC) which unchanged 0.00% to close at 2.80. The worst performers were Ad Natl Ins Co (AD:ADNI) which was down 10.00% to 4.32 in late trade, Union Natl Bk (AD:UNB) which lost 5.19% to settle at 6.21 and Sharjah Cement AD (AD:SCID) which was down 4.76% to 1.00 at the close. Falling stocks outnumbered advancing ones on the Dubai Stock Exchange by 23 to 3 and 1 ended unchanged; on the Abu Dhabi Stock Exchange, 27 fell and 1 advanced, while 2 ended unchanged. Shares in SHUAA Capital PSC (DU:SHUA) fell to 52-week lows; losing 5.26% or 0.030 to 0.540. Shares in Arabtec Holding PJSC (DU:ARTC) fell to 52-week lows; falling 4.63% or 0.100 to 2.060. Shares in Ad Shipbldg Co (AD:ADSB) rose to 52-week highs; gaining 4.74% or 0.18 to 3.98. Shares in Ad Natl Ins Co (AD:ADNI) fell to all time lows; down 10.00% or 0.48 to 4.32. Shares in Al-Qaiwain Cmn (AD:QCEM) unchanged to 52-week lows; unchanged 0.00% or 0.00 to 1.10. Crude oil for October delivery was down 0.48% or 0.20 to $42.20 a barrel. Elsewhere in commodities trading, Brent oil for delivery in October fell 0.39% or 0.19 to hit $48.55 a barrel, while the December Gold contract rose 0.08% or 0.90 to trade at $1119.30 a troy ounce. USD/AED was unchanged 0.00% to 3.6731, while EUR/AED fell 0.13% to 4.0648. The US Dollar Index was down 0.03% at 96.80.
United Arab Emirates stocks were lower after the close on Sunday, as losses in the Services, Insurance and Finance&Investment sectors led shares lower. At the close in Dubai, the DFM General declined 0.94%, while the ADX General index lost 0.90%. The best performers of the session on the DFM General were Damac Properties Dubai Co PSC (DU:DAMAC), which rose 2.58% or 0.08 points to trade at 3.18 at the close. Meanwhile, Air Arabia PJSC (DU:AIRA) added 0.62% or 0.010 points to end at 1.610 and Dubai Financial Market PJSC (DU:DFM) was up 0.52% or 0.010 points to 1.930 in late trade. The worst performers of the session were Drake&Scull International PJSC (DU:DSI), which fell 4.74% or 0.038 points to trade at 0.763 at the close. Takaful House (DU:DTKF) declined 4.08% or 0.026 points to end at 0.611 and Gulf Navigation Holding PJSC (DU:GNAV) was down 3.66% or 0.017 points to 0.447. The top performers on the ADX General were Ad Natl Energy (AD:TAQA) which rose 2.94% to 0.680, United Arab Bk (AD:UAB) which was up 1.82% to settle at 5.60 and Bank Of Sharja (AD:BOS) which gained 1.26% to close at 1.61. The worst performers were Methaq (AD:METH) which was down 9.52% to 1.140 in late trade, Int Fish Farmi (AD:ASMK) which lost 8.61% to settle at 6.58 and Natl Co Bldg M (AD:BILD) which was down 5.80% to 0.650 at the close. Falling stocks outnumbered advancing ones on the Dubai Stock Exchange by 24 to 4 and 1 ended unchanged; on the Abu Dhabi Stock Exchange, 15 fell and 7 advanced, while 2 ended unchanged. Crude oil for September delivery was down 3.54% or 1.72 to $46.80 a barrel. Elsewhere in commodities trading, Brent oil for delivery in September fell 2.81% or 1.50 to hit $51.81 a barrel, while the December Gold contract rose 0.57% or 6.20 to trade at $1094.90 a troy ounce. USD/AED was down 0.00% to 3.6730, while EUR/AED rose 0.48% to 4.0341. The US Dollar Index was down 0.30% at 97.32.
Media coverage of the nuclear talks will often take the opposition of Israel, Saudi Arabia and Gulf States to Iran nuclear diplomacy as a given. It's an easy way to boil things down into a "he said, she said" tale of two opposing sides. For the deal's opponents in Congress, it provides a group of worried allies to take up the mantle for. Congressional critics, as well as Republican presidential hopefuls, have blasted the deal based on this frame. Wisconsin Gov. Scott Walker took this tack arguing, "President Obama's deal ... risks provoking a nuclear arms race in the most volatile region of the world, one that threatens the survival of our closest regional ally Israel and our key Arab partners." But recent events have pulled the rug out from that narrative. In a phone call with President Obama after the framework was announced, Saudi Arabia's recently enthroned King Salman was conciliatory in his remarks, saying he hoped for a final deal that would "reinforce the stability and security of the region and the world." The Saudi cabinet reinforced that viewpoint today in a statement that "welcomed" the agreement. The statement goes on to say that Saudi Arabia seeks a Middle East free of all weapons of mass destruction -- clearly referring to Israel's unacknowledged nuclear weapons stockpile. Meanwhile, business leaders in the United Arab Emirates greeted the news of the framework with optimism. Stock prices on the Dubai Financial Market shot up. These facts don't only undermine the narrative of regional opposition. They put the lie to the notion that a nuclear deal automatically creates an incentive for neighboring states to build their own weapons. Fawaz A. Gerges, professor of Middle Eastern politics at the London School of Economics, told the Washington Post Iran's nuclear programs make the Gulf states anxious but said "I doubt very much whether Saudi Arabia or the United Arab Emirates would go nuclear. It would be a costly and risky option." As long as there are civilian nuclear programs in the region there is the danger of nuclear proliferation. But a comprehensive agreement that effectively and verifiably constrains Iran's nuclear programs could have a positive effect on neighboring countries. As one administration official told the Daily Beast: The logical response by any of Iran's neighbors to an agreement that severely restricted Iran's program to the point that we have confidence they would never pursue nuclear weapons, the logical response is not to build up a proto-military capability in enrichment, it's rather to go in the opposite direction. U.S. specialists in nuclear non-proliferation agree. Today 30 leading national security experts release a statement praising the deal saying that, "the agreement reduces the likelihood of destabilizing nuclear weapons competition in the Middle East, and strengthens global efforts to prevent proliferation, including the Nuclear Nonproliferation Treaty." It's not just the Gulf States. The framework announcement got a better than expected reception in Israel as well. At this point, you'd have to live under a rock not to know that Bibi Netanyahu just hates nuclear diplomacy with Iran. But people may be less familiar with what other Israelis are saying. In an editorial today titled "Obama was right, Iran capitulated", former Mossad (Israeli intelligence) chief Efraim Halevy praised the specifics of the framework saying no one who has followed the issue would have "believed Iran would ever agree to discuss these issues, let alone agree to each of the" restrictive provisions of the framework. He slams Netanyahu for his kneejerk opposition and argues that Israel should instead focus on making sure the final agreement is strong. He even cautioned against Israeli lobbying of Congress: You can't have your cake and eat it too; you can't conduct an all-out war against the president to thwart his historic achievement and, in the same breath, hold talks with him to improve the product. Moreover, taking the fight to Congress would require deeper Israeli intervention in the approaching elections in the United States. Other members of the Israeli security establishment concur. Amos Yadlin, an Israeli general and former head of military intelligence, also expressed cautious optimism about the deal: There's no reason for panic. Israel's fate has not been sealed, our freedom is not in danger and all in all, we're talking about an agreement with quite a few achievements. Israel's press also gave positive reviews to the framework announcement. In Haaretz, diplomacy reporter Barak Ravid wrote that Israeli officials would be surprised by how strong the agreement is even though they might never admit it: Israel will have a hard time fighting this agreement, or portraying it as bad. One of the reasons for this is that it's clear to anyone that reads the agreement will understand that if Iran indeed upholds it, the threat of an Iranian nuclear weapon will be severely reduced over the next two decades, at least. Also, it is now clear that the military strike that Netanyahu was pushing for will not be able to achieve the same things as the agreement. It's doubtful if Netanyahu, who tried to enlist Congress' support against the agreement, will be able to find 13 Democratic senators who would vote against Obama. Ron Ben-Yishal, a veteran Israeli war and military affairs correspondent, heralded the framework as a "better deal than we expected." He too points out that the military option that John McCain recently invited Israel to take would, unlike the peaceful agreement, do little to prevent a nuclear Iran: We could not have achieved a better outcome even if Israel, the United States, and other countries had carried out military strikes on the nuclear sites in Iran. Even if the attack had been successful, the delay caused to the Iranian nuclear weapon program would have been shorter than 10 years. Needless to say, the regional politics around the Iran deal will remain thorny. The U.S. will have to engage in careful diplomacy to navigate the anxiousness that some in the region are experiencing about a partial détente with Iran. The U.S. should also avoid its tendency to sweeten the pot with military support and instead win hearts and minds through cultural exchange, public diplomacy and economic aid. Parallel to the politics of the deal, there is an urgent need for diplomatic solutions to regional conflicts such as the fighting in Yemen, the stalemate over Syria and the Palestinian question. An agreement on nuclear issues won't be a panacea that makes Iran and the U.S. the best of geopolitical buddies. But neither is it an obstacle for regional diplomacy and peacemaking. Quite the contrary. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.