Dubai's Gulf Navigation was the top traded stock yesterday amid investor bets that the emirate's only publicly traded tanker owner will benefit from higher oil prices.
Gulf rose 1.8 per cent to 28 fils on the Dubai Financial Market (DFM). Investors traded 31.9 million shares yesterday, compared with 163 million shares for the overall market.
On Monday Brent crude traded at the highest premium in a year, at US$23.94 compared with West Texas Intermediate after the European Union strengthened its sanctions on Iran, Bloomberg reported.
Gulf will hold its board of directors meeting to discuss third-quarter results tomorrow at its head office, it said in a statement to the Dubai bourse yesterday.
"Gulf Navigation is undervalued and oversold," said Wadah Al Taha, the chief investment officer at Dubai's Al Zarooni Group.
"It has assets and real operations, unwarranted to be trading at these levels.
"Good pick for medium and long-term investors."
The DFM General Index gained 0.6 per cent to 1,646.03 points, while the Abu Dhabi Securities Exchange General Index added 0.1 per cent to 2,647.31.
Elsewhere in the region: Kuwait's measure lost 0.8 per cent to 5,945.26; Bahrain's index was little changed, up 0.01 per cent, to 1,066.89; Oman's MSM 30 Index added 0.5 per cent to 5,695.75; Qatar's QE Index gained 0.4 per cent to 8,558.12.
The Saudi Tadawul All-Share Index rose 0.38 per cent to 6,749.00.
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Singham Again
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Rating: 3/5
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India 281-7 in 50 ov (Pandya 83, Dhoni 79; Coulter-Nile 3-44)
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India won by 26 runs on Duckworth-Lewis Method
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What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
