Central banks will take centre stage this week with new stimulus measures and currency volatility poised to have a big impact on UAE stocks.
Five central banks will hold meetings to discuss policy measures, including the US Federal Reserve, which is expected to announce fresh stimulus measures to bolster the flagging economy.
That stimulus could result in pronounced gains for stocks in Dubai and Abu Dhabi, which traders said were well positioned to continue their three-month surge as western investors look for growth opportunities overseas.
"The market in Dubai hit a new high and the close of last week was fantastic," said Saad al Chalabi, an institutional trader at AlRamz Securities.
"It's a new high for this rally. It's looking very positive for the coming weeks that they were able to break that high."
Mr al Chalabi said UAE stocks could surge over the next few days, adding the Dubai Financial Market (DFM) General Index may reach as high as 1,800.
"We paused because of these earnings and now that that's out of the way, there's nothing to stop them," he said.
But markets around the world will be awaiting the outcome of the two-day Fed meeting to begin on Tuesday. Although analysts differ in their predictions of how much, if any, stimulus is expected, Goldman Sachs said in a note last week the Fed's new quantitative easing measures could amount to as much as US$2 trillion (Dh7.34tn).
UAE stocks may gain from that but the full effects of quantitative easing are harder to predict, as the stimulus may erode the value of the dollar and dollar-pegged currencies, such as the dirham.
But currency volatility is almost a certainty with the Fed, the Bank of England, the Bank of Japan, the Reserve Bank of Australia and the European Central Bank all holding meetings. The effect on currencies will be "totally unpredictable", according to Neil Mellor, the currency strategist at BNY Mellon.
"The … week is going to be extraordinary, really," Mr Mellor said. "You can look at every central bank meeting as potentially pivotal for the price action for the remainder of the year."
He said emerging markets in Asia and the Middle East might benefit more from stimulus measures than the developed markets they were designed to bolster.
"You can pump as much stimulus as you like into your economy," said Mr Mellor. "But if the banks aren't functioning as they should, it tends to go abroad."
Mr al Chalabi said stocks of companies in the UAE such as Emaar Properties, Arabtec Construction and Drake and Scull International would be the beneficiaries of a fresh round of quantitative easing.
And mid-term elections in the US take place on Tuesday and are widely expected to result in the US President Barack Obama's Democrats losing control of the House of Representatives, according to estimates by the polling website FiveThirtyEight.
A Republican victory, bringing with it renewed calls to cut the US deficit, may cause the dollar to strengthen, Mr Mellor said.
The DFM ended last week up 1.5 per cent; the Abu Dhabi Securities Exchange was down 0.1; and the Abu Dhabi Islamic Bank Index lost 0.04 per cent last week.
ghunter@thenational.ae
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
info-box
COMPANY PROFILE
Company name: Happy Tenant
Started: January 2019
Co-founders: Joe Moufarrej and Umar Rana
Based: Dubai
Sector: Technology, real-estate
Initial investment: Dh2.5 million
Investors: Self-funded
Total customers: 4,000
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EAlmouneer%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Dr%20Noha%20Khater%20and%20Rania%20Kadry%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EEgypt%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E120%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3EBootstrapped%2C%20with%20support%20from%20Insead%20and%20Egyptian%20government%2C%20seed%20round%20of%20%3Cbr%3E%243.6%20million%20led%20by%20Global%20Ventures%3Cbr%3E%3C%2Fp%3E%0A
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
Dubai Rugby Sevens
November 30-December 2, at The Sevens, Dubai
Gulf Under 19
Pool A – Abu Dhabi Harlequins, Jumeirah College Tigers, Dubai English Speaking School 1, Gems World Academy
Pool B – British School Al Khubairat, Bahrain Colts, Jumeirah College Lions, Dubai English Speaking School 2
Pool C - Dubai College A, Dubai Sharks, Jumeirah English Speaking School, Al Yasmina
Pool D – Dubai Exiles, Dubai Hurricanes, Al Ain Amblers, Deira International School
Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
Results
Men's finals
45kg:Duc Le Hoang (VIE) beat Zolfi Amirhossein (IRI) points 29-28. 48kg: Naruephon Chittra (THA) beat Joseph Vanlalhruaia (IND) TKO round 2.
51kg: Sakchai Chamchit (THA) beat Salam Al Suwaid (IRQ) TKO round 1. 54kg: Veerasak Senanue (THA) beat Huynh Hoang Phi (VIE) 30-25.
57kg: Almaz Sarsembekov (KAZ) beat Tak Chuen Suen (MAC) RSC round 3. 60kg: Yerkanat Ospan (KAZ) beat Ibrahim Bilal (UAE) 30-27.
63.5kg: Abil Galiyev (KAZ) beat Nouredine Samir (UAE) 29-28. 67kg: Narin Wonglakhon (THA) beat Mohammed Mardi (UAE) 29-28.
71kg: Amine El Moatassime (UAE) w/o Shaker Al Tekreeti (IRQ). 75kg: Youssef Abboud (LBN) w/o Ayoob Saki (IRI).
81kg: Ilyass Habibali (UAE) beat Khaled Tarraf (LBN) 29-28. 86kg: Ali Takaloo (IRI) beat Emil Umayev (KAZ) 30-27.
91kg: Hamid Reza Kordabadi (IRI) beat Mohamad Osaily (LBN) RSC round 1. 91-plus kg: Mohammadrezapoor Shirmohammad (IRI) beat Abdulla Hasan (IRQ) 30-27.
Women's finals
45kg: Somruethai Siripathum (THA) beat Ha Huu Huynh (VIE) 30-27. 48kg: Thanawan Thongduang (THA) beat Colleen Saddi (PHI) 30-27.
51kg: Wansawang Srila Or (THA) beat Thuy Phuong Trieu (VIE) 29-28. 54kg: Ruchira Wongsriwo (THA) beat Zeinab Khatoun (LBN) 30-26.
57kg: Sara Idriss (LBN) beat Zahra Nasiri Bargh (IRI) 30-27. 60kg: Kaewrudee Kamtakrapoom (THA) beat Sedigheh Hajivand (IRI) TKO round 2.
63.5kg: Nadiya Moghaddam (IRI) w/o Reem Al Issa (JOR).
THE BIO
Age: 33
Favourite quote: “If you’re going through hell, keep going” Winston Churchill
Favourite breed of dog: All of them. I can’t possibly pick a favourite.
Favourite place in the UAE: The Stray Dogs Centre in Umm Al Quwain. It sounds predictable, but it honestly is my favourite place to spend time. Surrounded by hundreds of dogs that love you - what could possibly be better than that?
Favourite colour: All the colours that dogs come in
Company%20profile
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Liz%20Truss
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SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S24%20ULTRA
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The%20Witcher%20-%20season%20three
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MATCH INFO
Manchester United 1 (Greenwood 77')
Everton 1 (Lindelof 36' og)
Company%20Profile
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MATCH INFO
Uefa Champions League, last-16. first leg
Atletico Madrid v Juventus, midnight (Thursday), BeIN Sports
COMPANY%20PROFILE
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Mohammed bin Zayed Majlis
Results
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Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
