Tag Archives: real estate
UAE stocks hit multi-year highs on upswing in Gulf
UAE stocks hit multi-year highs on upswing in Gulf Issac John / 23 August 2013 Stock markets in the UAE rose to new multi-year highs on Thursday in line with a general upswing across the Gulf bourses with the sole exception of Saudi Arabia where the market recorded slight declines. Investors share a laugh as they monitor stocks at the Dubai Financial Market. Gulf economies are generally less vulnerable than most to capital outflows caused by rising US yields. — Reuters Dubai’s benchmark DFMGI index rose 1.1 per cent to 2,700 points as Abu Dhabi’s ADI climbed 0.7 per cent to 3,949 points — a new 58-month high. In Qatar, the QSI index advanced 0.4 per cent to 10,110 points. Despite a sell off in some emerging markets, most Gulf bourses recorded gains. Union Properties jumped 10.4 per cent, up for a fifth straight day as the stock played catch-up with the wider market. Union Properties shares are up 37.5 per cent year-to-date, compared with Dubai’s gains of 66.4 per cent. The stock accounted for a third of all trading on the bourse on Thursday. Emirates NBD, one of the biggest banks in the region, and Abu Dhabi Commercial Bank rose after Goldman Sachs Group raised the duo to buy on “solid” second-quarter earnings. Emirates NBD advanced 1.8 per cent to Dh5.6, snapping two days of declines. The lender was the biggest gainer on the DFM General Index. Abu Dhabi Commercial Bank climbed 2.5 per cent, the most in more than two months, to Dh5.3. The DFM and ADX are among the world’s top-five best-performing indexes this year. The Dubai Financial Market performed very well since the start of 2013; its General Index recorded a 12.7 per cent growth by the end of March, showing investors’ interest in the capital market. In the second quarter, UAE markets won a much-awaited milestone that will further increase investments in the stock market, as New York-based global index developer MSCI has decided to reclassify MSCI UAE from frontier markets to emerging markets status. GCC equity markets had a good start in 2013, largely due to an uptick in earnings across key cyclical sectors, such as banking and real estate. Analysts said expectations of double-digit growth in 2013 net income for Gulf companies were driving bullish sentiment. With their current account and state budget surpluses and currency pegs to the US dollar, Gulf economies are generally less vulnerable than most to capital outflows caused by rising US yields. Dubai’s index rose 1.1 per cent to its highest close since November 2008. In Qatar, banks helped the benchmark QSI rise 0.4 per cent, up for a fifth straight session to hit a near five-year high. Qatar International Islamic Bank and Qatar Islamic Bank rose 4.6 and 2.4 per cent. Elsewhere, Cairo’s benchmark index EGX30 gained 0.7 per cent, recovering ground for a third session from Monday’s two-week low. In Saudi Arabia, the index TASI slipped 0.3 per cent, coming off Wednesday’s 59-month high. Investors booked gains on food and agriculture shares — that sector’s index. — issacjohn@khaleejtimes.com Continue reading
2-bed 2-bath Villa for Sale in Wimauma, Florida on florida-magic.com
More info on Villa for Sale in Wimauma, Florida with 2-bedroom, 2-bathroom: ▻http://florida-magic.com/properties/5962-villa-for-sale-in-wimauma-florida-with-… Continue reading
Indian expats cashing in on falling rupee
Indian expats cashing in on falling rupee Staff Reporter / 21 August 2013 Concerns mounted over the state of the Indian economy as the country’s currency plummeted to another record low against the dollar and shares continued their slide on Tuesday. The Indian rupee, Asia’s worst-performing currency this year slid to 64.13 rupees to the dollar in morning trading, past its previous low of 63.22 on Monday, and some Indian expats are cashing in on the record low the currency has hit by sending more money home. The Reserve Bank of India is believed to have intervened twice in the foreign exchange market to sell dollars for rupees. The move lifted the Indian unit slightly but it still ended the day at a new lifetime closing low of 63.25 rupees to the dollar. Troubles besetting the rupee, which has fallen nearly 17 per cent against the dollar this year, has spilt over to the stock and bond markets. Indian shares — which have lost seven per cent in the past three trading days — slid as much as 1.83 per cent in early trade to a low of 17,970.98 points before recovering to close down 0.34 per cent at 18,246.04. The yield on the 10-year benchmark bond hit 9.23 per cent intraday, the highest for over five years, reflecting eroding investor appetite for Indian debt as worries about the economy and potential default mounted, AFP reported. Finance Minister P. Chidambaram told parliament a number of government steps had been taken to stem the rupee’s decline including reducing imports of non-essential items such as gold. The falling rupee stokes inflation by raising the cost of everything India imports from crude oil to chemicals and pulses. There are also growing fears that India will find it tough to fund its gaping current account deficit, which hit a record high last year. India’s weak trading sentiment was mirrored across key Asian stock markets, with investors jittery before Wednesday’s publication of the minutes of July’s US Federal Open Market Committee meeting. These were expected to give indications about a possible rollback of the Fed’s massive stimulus programme. Most emerging market currencies have been hit by expectations the Fed will scale back its stimulus sooner than expected, causing funds to flow back to the United States as its economy recovers. “This is a crisis, the sentiment is extremely frail,” said Param Sarma, chief executive of NSP Forex, a forex consultancy, according to AFP news agency. In the UAE, many Indian expats view the record decline of their currency as an opportunity to invest and send more cash home. However, Vasudev, assistant manager of UAE Exchange, Bur Dubai branch, said it’s been business as usual. “Even though we opened at Rs17.3 to the dirham on Tuesday morning, fluctuations in the rupee don’t influence people. The people who have to remit do so on a monthly basis — end of the month and first week of the month, around the time salaries get credited.” At a branch of Al Fardan Exchange located in a mall, the manager (not authorised to speak to the media), said he had noticed a disturbing trend in the past few weeks of Indians taking personal loans from banks and sending the money home. The manager’s own belief is: “Send what you have, never take a liability, it’s best to take it slow and send monthly.” “Yesterday, a man sent five million in Indian currency home to three different accounts.” There is a huge risk, though, in taking loans and sending that money home. According to K. V. Shamsudheen, who runs a charitable trust and looks into the welfare of NRIs and also conducts classes in Dubai on financial awareness: “More than 36 per cent Indians are taking loans from credit card companies that say they are charging 2-3 per cent interest” when, in fact, that 2-3 per cent was not annual interest, but monthly. Shamsudheen advises expats on key matters: “Never take loans from individual money lenders. Never take loans from credit card companies. And if you are remitting money home, make sure the investment back home is not in real estate, not in buying houses, but in a liquid investment such as fixed deposit, mutual funds and stocks.” news@khaleejtimes.com Continue reading
