Opening day on the newly merged Dubai bourse was marked by considerable confusion and, as a result, little trading. Investors struggled to understand the unified trading platform and brokers said they were having difficulty getting trades processed. "We haven't had enough information about this," said Zakariya Assar, who was trading on the floor of the Dubai Financial Market (DFM). "Nothing has been clear, not even from what we read in the newspapers … Plus the large screen that usually shows us what's going on in world markets is off."
The DFM, however, did not agree with traders' assessments of the merged system. "Nothing went wrong," said Maryam Fikree, the chief operating officer of the DFM. "Everything went smoothly; we received no complaints. Systems ran in an official way, including the trading system." Shares of companies listed on the DFM and NASDAQ Dubai were traded on a common platform for the first time yesterday, the result of the DFM's purchase of NASDAQ Dubai. The union is an effort to bring more liquidity into the region's financial markets as well as to inject some life into NASDAQ Dubai.
On NASDAQ Dubai, only eight trades were recorded yesterday and those involved only two companies - the ports operator DP World and the interior contractor Depa. DP World, the bourse's flagship stock, saw only 93,000 shares change hands, compared with a daily average of 6.6 million shares over the preceding 50 trading days. For Depa, only 21,000 shares changed hands, against a daily average of 550,000 shares over the preceding 50 days.
The volume for the DFM General Index was just below 50 million, less than half its daily average of 108.9 million for the preceding 50 days. The consolidation was designed to make it easier for investors to trade stocks on both exchanges, but it appeared that not all the necessary steps were in place. Brokers reported difficulty making transactions, apparently because of changes in the way shares were allocated.
Under the new system, investors will be given a national investor number that enables them to access their trading accounts directly. "We tried to sell shares but couldn't," said Hatem Alatabani, the managing director of Makaseb Islamic Financial Services. "From what we heard, they were a result of custodian issues." Mr Alatabani, whose company is a local brokerage that depends on larger firms to trade shares listed on NASDAQ Dubai, speculated that third-party custodians had not yet transferred all shares to the new DFM platform.
Some investors said they were also confused by the way share prices were presented on the new unified trading screens. "You can't see anything about DP World; you have to go to the DFM website," said Kishore Kumar, another trader. "If I want to trade in DP World, I can't with my local account. I have to set up a separate account." Mohamad Mohab, a dealing manager assistant at Premium Financial Services, a brokerage firm, also said traders were under the impression they could buy and sell shares using the same account, but could not do so yesterday.
A spokesman for NASDAQ Dubai said investors should be able to trade stocks on both exchanges easily once they had registered for a national investor number. In a statement, Jeff Singer, the chief executive of NASDAQ Dubai, said: "We are delighted to have achieved a successful migration to DFM's trading platform. This has been a joint effort involving many of our market participants and we are grateful for their support. We now look forward to higher trading volumes in due course."
In December, DFM bid US$121 million (Dh444m) for NASDAQ Dubai, with NASDAQ OMX to swap its 33 per cent holding in NASDAQ Dubai for a 1 per cent stake in the DFM. By May, the DFM had acquired two thirds of NASDAQ Dubai, according to a statement posted on the website of WAM, the state news agency. "DFM will acquire the remaining third in due course," the statement said. Despite the confusion yesterday, Mr Mohab said he was confident the new system would eventually become "the norm" for investors.
"Unfortunately, trading volumes weren't good," he said. "Yesterday [investors] were confused. Nobody explained the consolidation to them. But before long, it will see higher trading. The reason for the low volume in the market is the summer holiday." @Email:agiuffrida@thenational.ae @Email:halsayegh@thenational.ae
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
COMPANY%20PROFILE%20
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Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
Company%20Profile
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY%20PROFILE
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Fixtures
50-over match
UAE v Lancashire, starts at 10am
Champion County match
MCC v Surrey, four-day match, starting on Sunday, March 24, play starts at 10am
Both matches are at ICC Academy, Dubai Sports City. Admission is free.
Company%20Profile
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Continental champions
Best Asian Player: Massaki Todokoro (Japan)
Best European Player: Adam Wardzinski (Poland)
Best North & Central American Player: DJ Jackson (United States)
Best African Player: Walter Dos Santos (Angola)
Best Oceanian Player: Lee Ting (Australia)
Best South American Player: Gabriel De Sousa (Brazil)
Best Asian Federation: Saudi Jiu-Jitsu Federation
SERIE A FIXTURES
Saturday
AC Milan v Sampdoria (2.30pm kick-off UAE)
Atalanta v Udinese (5pm)
Benevento v Parma (5pm)
Cagliari v Hellas Verona (5pm)
Genoa v Fiorentina (5pm)
Lazio v Spezia (5pm)
Napoli v Crotone (5pm)
Sassuolo v Roma (5pm)
Torino v Juventus (8pm)
Bologna v Inter Milan (10.45pm)
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
MATCH INFO
Real Madrid 2 (Benzema 13', Kroos 28')
Barcelona 1 (Mingueza 60')
Red card: Casemiro (Real Madrid)
A list of the animal rescue organisations in the UAE
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
The biog
Hobby: Playing piano and drawing patterns
Best book: Awaken the Giant Within by Tony Robbins
Food of choice: Sushi
Favourite colour: Orange
More from Neighbourhood Watch:
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Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
match info
Athletic Bilbao 1 (Muniain 37')
Atletico Madrid 1 (Costa 39')
Man of the match Iker Muniain (Athletic Bilbao)
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
LIVING IN...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
