asd

Most of Gulf stock exchanges fell, tracking decline in oil prices & Asian stocks

Dubai: Most of the major stock markets in the Gulf declined in early trading today, tracking the decline in Asian stocks and oil prices, with the Abu Dhabi index heading down for the third session.

Dubai: Most of the major stock markets in the Gulf declined in early trading today, tracking the decline in Asian stocks and oil prices, with the Abu Dhabi index heading down for the third session.

Brent crude futures, a major catalyst for Gulf financial markets, fell $1.21, or 1.3 percent, to $93.89 a barrel by 06:35 GMT, as bleak economic data from China, the biggest buyer of crude, renewed fears of a global recession.

Advertisement

Yesterday, the Chinese central bank cut interest rates on lending to revive demand, as data showed that the economy unexpectedly slowed in July as the activity of factories and retail companies shrank due to Beijing’s policy to make the country free of Covid-19 and a real estate crisis.

The Dubai index fell 0.3 percent, affected by a decline in the Emirates NBD Bank, the emirate’s largest bank, by 1.1 percent and Dubai Islamic Bank by 0.3 percent. However, Emaar Properties rose 0.5%. The Abu Dhabi index fell 0.2 percent after the first Abu Dhabi Bank, the largest bank in the United Arab Emirates, lost 0.6 percent. The Qatari index fell 0.4 percent, led by a decline of 1 percent for Qatar National Bank, the largest Gulf bank, and 0.7 percent for Qatar Islamic Bank. The Saudi index rose 0.2 percent, led by a 4.7 percent rise in the shares of the Saudi Arabian Mining Company (Maaden). But the Saudi index’s gains were limited by a 0.7 percent drop in oil giant Saudi Aramco.

Tariq Saeed

Read More

India to touch $10 billion mark in smartphone exports in 22-23 financial year

India: Through attractive incentives by the government towards local manufacturing, India is all set to touch the remarkable number of $ 10 billion worth of rupees over Rs 82,000 crore exports of smartphones in the financial year ending on March 31st, reported IANS.

Egypt: Immigration Minister Saha Jundi meets Council General Al-Anin in Chicago

Egypt: The Minister of State for Immigration and Egyptian Abroad, Saha Jundi, received the council General of Egypt Sameh Abu Al-Ainin in Chicago to discuss cooperation and coordination.

Scam Alert: Dubai Woman Loses Life Savings to Online Fraud

The pay scale seems generous, with tasks offering between Dh10 and Dh400, and potential daily earnings of up to Dh2,000. Rachel, like many others, was drawn to the prospect of easy money, particularly given her family's financial situation

Recent

St Kitts: Timothy Harris to announce Official Cultural Ambassadors shortly

St Kitts and Nevis: The member of Parliament and former Prime Minister of St Kitts and Nevis, Dr Timothy Harris, has recently made a promise to announce the names of the country's first-ever Official Cultural Ambassadors based on the commitment based on the Team Unity Campaign.

US Ambassador Eric Garcetti pays tribute to 26/11 Mumbai terror attack victims 

Eric Garcetti, United States Ambassador to India, has recently paid tribute to the victims of the 26/11 Mumbai terror attack during his recent visit to Taj Mahal Palace Hotel. 

Australia to ban Chinese video sharing app ‘Tik-Tok’ on government devices

The federal government of Australia is looking to ban the famous video-sharing application Tik Tok on government devices for security reasons as it is predicted that the security could be compromised.
admin