The Abu Dhabi Securities Exchange (ADX) has asked its listed firms to release their third quarter results early to avoid damaging rumours affecting share prices.
In a nervous market atmosphere, it has written to all its listed companies to "encourage" them to get their results in earlier than the Nov 15 deadline and explain their business situation with regard to the credit crunch.
In a separate development, the Cabinet has authorised the bourse regulator to ease restrictions on share buybacks in an effort to boost stocks, after weeks of declines. The state news agency WAM said the move was meant to shore up share prices that have fallen due to negative sentiment from the global financial crisis, rather than the fundamentals of listed companies.
The Dubai Financial Market gained 10.5 per cent today, its highest ever one-day gain, with the ADX doing almost as well at 6.9 per cent. Even the beleaguered banking stocks performed well.
The National Bank of Abu Dhabi rose 9.8 per cent, Abu Dhabi Commercial Bank was up 9.43 per cent and First Gulf Bank rose 7.94 per cent. Both markets' banks and financial indexes rose by six per cent.
Every other GCC stock market rose with the exception of Kuwait's, which fell by 0.26 per cent. The Saudi Tadawul, the largest exchange in the region, was up by 9.1 per cent.
In recent weeks a flurry of speculation has talked stocks up or down, most especially the banks, which are heavily represented on the ADX. The latest bank rumour was that Abu Dhabi Commercial Bank and National Bank of Abu Dhabi were in merger talks, although both companies denied it.
"When markets are volatile, rumours can start to spread," said Rashed al Baloushi, the deputy chief executive and director of operations at ADX. "ADX is committed to the highest standards of transparency. We therefore want to do everything possible to ensure investors act on fact, not fiction."
Market sources said that the problem in such a retail investor-dominated market was that rumours could spread rapidly and be taken seriously by already panicked small shareholders.
ADX took the view that the results needed to get out into the market fast, because more accurate information would benefit everyone.
Few UAE companies announce the date that they will release their results in advance, unlike in many world markets.
Ali Khan, the executive director of Arqaam Capital, welcomed the move but said just releasing the results was not enough. "Equally important as the numbers would be guidance from the companies," he said. "There is no point reporting numbers without management giving guidance for the year."
He added that even if the numbers were positive, bringing them forward may not help because they may be ignored by a market that is on the lookout for bad news.
afoxwell@thenational.ae
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.
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
From Europe to the Middle East, economic success brings wealth - and lifestyle diseases
A rise in obesity figures and the need for more public spending is a familiar trend in the developing world as western lifestyles are adopted.
One in five deaths around the world is now caused by bad diet, with obesity the fastest growing global risk. A high body mass index is also the top cause of metabolic diseases relating to death and disability in Kuwait, Qatar and Oman – and second on the list in Bahrain.
In Britain, heart disease, lung cancer and Alzheimer’s remain among the leading causes of death, and people there are spending more time suffering from health problems.
The UK is expected to spend $421.4 billion on healthcare by 2040, up from $239.3 billion in 2014.
And development assistance for health is talking about the financial aid given to governments to support social, environmental development of developing countries.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding