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Gulf markets mixed as Syria attack fear eases
Gulf markets mixed as Syria attack fear eases (UAE STOCK MARKETS) / 30 August 2013 Middle East stock markets were mixed on Thursday as heavy selling related to the Syrian war faded, but continued uncertainty over how and when the United States might strike Syria blocked solid rebounds. President Barack Obama told Americans that a military strike against Syria would be in their interest, but there were signs that any action would be delayed at least several days while the case was laid out to US and British lawmakers. This encouraged some Gulf retail investors to buy stocks on Thursday as margin calls eased, but the markets’ rebounds during the day lacked momentum. “We had a lot of speculation and hot retail money in the market and they’ve been caught be the news and reacted very promptly,” said Sebastien Henin, portfolio manager at The National Investor in Abu Dhabi. “If you analyse US involvement, it will most probably be limited in terms of timing and geography and shouldn’t impact the Gulf region much.” This week’s losses have taken some of the froth off Gulf markets; Amer Khan, fund manager at Shuaa Asset Management, estimated Dubai was now trading at 12.9 times 2013 earnings, not prohibitively high for a growth market. But Asim Bukhtiar, head of research at Saudi Arabia’s Riyad Capital, said: “We see a bit of risk until the geopolitical situation gets resolved in coming days — we expect volatility to continue in the market and it would be safer to stay on the sidelines.” Dubai’s index gained 0.3 per cent, trimming this week’s losses to 6.6 per cent and leaving the market up about 55 per cent year-to-date. Abu Dhabi eased 0.07 per cent, down 5.4 per cent on the week. In Qatar, the benchmark rose 0.8 per cent, snapping four sessions of declines from a five-year high. It lost 4.7 per cent this week. Saudi Arabia’s measure was little changed; it rose more than 1.0 per cent in early trade but then gave up most of those gains. Despite this week’s losses of 5.2 per cent, many Saudi valuations remain rich, especially in sectors such as banks and the retail sector, Bukhtiar said. In Kuwait, retail traders sold small-cap shares, which accounted for most trading volume. The index lost 1.0 per cent and was down 5.8 per cent for the week. “People are off-loading shares – the big players are pressuring smaller stocks to pick them up later from lower levels,” said Fouad Darwish, head of brokerage services at Global Investment House. But he added, “Fundamentally, it’s the best condition that the market has been in for years.” Kuwait is up 28.6 per cent year-to-date, backed by improving corporate earnings and increasing anticipation of progress on long-delayed infrastructure building plans. Cairo’s main benchmark climbed 0.8 per cent to 5,268 points, snapping a three-session losing streak. The market gained modest support from the cabinet’s approval of 22.3 billion Egyptian pounds ($3.2 billion) of spending on investment projects over the coming 10 months. Capital Economics said the spending plan might help the economy in the near term— Reuters Continue reading
Fina World Junior: More gold, records go Down Under
Fina World Junior: More gold, records go Down Under Moni Mathews / 30 August 2013 Swimmers from Down Under once again stamped their class to nudge ahead in the gold rush in the 4th Fina World Junior Swimming Championships at the iconic Shaikh Hamdan bin Mohammed bin Rashid Sports Complex off the Emirates Highway. The start of the men’s 50m backstroke final at the World Junior Swimming Championships on Thursday. — KT photos by Mukesh Kamal The qualifying honours for the six events on Thursday were spread between six different nations, as the action continued at the complex, rated to be one of the best in the world by the swimmers and the officials taking part here. The talented green and gold capped youngsters had another great night in the late events on Wednesday taking two gold and one bronze to lead the gold medal tally with six, ahead of the US with five and Russia with four. The US remains in the overall lead with 14 medals. Russia is in second with 10 and Australia third with 8. Leading the Australian charge was hot action hero Mack Horton who climbed on to the gold podium for the fourth time with a superb 800m freestyle 7:45.67. Horton took an astonishing nearly 10.3 seconds off the championship record, and winning by over 10 seconds from Jan Micka of Czech Republic (7:56.33) who added the silver to his bronze in the 400m freestyle. Pawel Furtek (7:58.33) took the bronze and Poland’s first medal of the meet. “Missing out on qualifying for Barcelona (world senior Fina meet in July) made me push myself harder in training,” Horton said. Australia also took gold in the crowd pulling 4 x100m freestyle mixed relay. Australia was led out by Luke Percy who had earlier qualified fastest for the 50m freestyle final. Shayna Jack backed up from her bronze in the 100m freestyle to swim the second leg, followed by Regan Leong who had taken gold in the boys 4x100m relay on Day 1. Australia turned in front for the last 50, but Georgia Miller had a fight on her hands with Caeleb Dressel of the US giving his all to catch her. Miller dug deep and hung on for the victory in a championship record 3:28.74. The US took silver and Russia the bronze. In the girls 200m backstroke final Kylie Stewart of the US turned the tables on the 100m gold medallist Daria Ustinova of Russia, taking gold in 2:09.74, a new championship record. The other two finals saw three nations take medals for the first time in the Dubai meet. In the boys 100m butterfly Japan’s Takaya Yasue took gold in 53.01 while Hong Kong’s Siobhan Haughey beat world breaststroke champion Ruta Meilutyte of Lithuania for the gold with a new meet mark. Siobhan said: “I was so nervous, but so happy to swim with an Olympian. Ruta did a good job. It’s my first international competition so to win the gold is great.” New Zealand’s Gabrielle Fa’Amausili finished the girls 50m backstroke in 28.14 to qualify fastest for the semi-finals. The Kiwis who topped the medal count in a previous chapter of the championship have been fairly quiet so far in this event, with only one other appearance in a semi-final to date. Fans brought their colours to the iconic Shaikh Hamdan bin Mohammed bin Rashid Sports Complex on Thursday Iryna Glavynk of Ukraine qualified second, with Russia’s Daria Ustinova in third. Ustinova already has a gold from the 100m backstroke and a bronze from the 200m backstroke and will be looking to add a third medal to her collection in Friday’s final. South Africa also recorded its first fastest qualification time to date with Ryan Coetzee in the boys 50m butterfly finishing in 23.81. Dylan Carter of Trinidad and Tobago also made it through to the semis. Carter just missed a medal in the 100m backstroke final, but will have two more chances when he appears in both the 50m butterfly and 50m backstroke. The Aussies maintained their form posting the top two qualifying times in the girls 400m freestyle. Remy Fairweather finished in 4:09.75, ahead of teammate and 800m gold medallist Alanna Bowles. Fairweather is favourite for the final, having posted times almost two seconds faster than anyone else in the field prior to the championships. Russia, the dominant nation on Wednesday morning recorded the top two qualifying times for the boys 200m breaststroke. Mikhail Dorinov swam 2:13.40, with countryman Aleksandr Palatov second in 2:13.43. Ippei Watanabe of Japan qualified third. Ruta is one of the hardest working swimmers in this meet, contesting nine events. So far she has collected one gold and two silvers, and will be hoping to add to that after qualifying fastest for the girls 200m individual medley final in 2:15.10. Japan’s Emu Higuchi recorded the second best time, ahead of 400m individual medley gold medallist Ella Eastin of the US. In the final heat of the Day 4 programme of the 6-day event, Great Britain took the honours in the boys 4x200m freestyle relay with a new meet mark time of 7:19.93. Great Britain has yet to win gold, and face tough opposition from the US, Canada and Australia. The race is set to see another Mack Horton-James Guy duel. moni@khaleejtimes.com Continue reading
Eldoret PSV operators complain of slow business over crackdown
The ongoing crackdown on public service vehicles in different parts of the country has seen those in the matatu industry complain of slow business as many of… Continue reading
