Markets

Aramex shines on dull day as construction firms slip

There were few bright spots yesterday as most investors sold off their positions in property and banking stocks and traders booked profits to shelter themselves from risky positions as the year-end approaches.

Farah Halime

December 16, 2010

Aramex was a rare bright spot yesterday as most investors sold off their positions in property and banking stocks.

Shares in the logistics courier rose nearly 2 per cent to Dh2.04 on Dubai's main bourse. Earlier in the week it announced strategic acquisitions and partnerships in Turkey, Malaysia, Bangladesh and Vietnam.

Samer al Jaouni, the general manager at Middle East Financial Brokerage, said: "Everyone is buying into Aramex because of the acquisition news and [because] people are trying to diversify."

However, construction companies and building contractors, considered heavyweights in the UAE market, continued to fall as traders booked profits to shelter themselves from risky positions as the year-end approaches.

The builder of the world's tallest tower, Emaar Properties, slipped nearly 1.95 per cent to Dh3.52 and Arabtec lost 1.54 per cent to Dh1.92. Deyaar Development, the only property stock to gain in the morning trading session, closed flat at Dh0.30. In Abu Dhabi, Aldar Properties retreated 1.7 per cent to Dh2.26, RAK Properties was flat at Dh0.46, and Sorouh Real Estate slipped 0.6 per cent to Dh1.66.

Confidence in banking stocks was also downbeat. Dubai Islamic Bank was the biggest loser in Dubai as it dropped 0.9 per cent to Dh2.15, and in the capital First Gulf Bank slipped 0.3 per cent to Dh18.55.

The Dubai Financial Market General Index fell 0.8 per cent to 1,629.98 points and the Abu Dhabi Securities Exchange General Index slipped 0.4 per cent to 2,716.08 points.

Elsewhere in the region, Qatar fell 0.5 per cent 8,772.67 points; Oman was down 0.08 per cent to 6,645.55 points; Bahrain gained 0.2 per cent to 1,427.14 points; Kuwait rose 0.6 per cent to 6,827.30 points; and the Saudi Tadawul All-Share Index fell 0.3 per cent to 6,500.27.

A timeline of the Historical Dictionary of the Arabic Language
  • 2018: Formal work begins
  • November 2021: First 17 volumes launched 
  • November 2022: Additional 19 volumes released
  • October 2023: Another 31 volumes released
  • November 2024: All 127 volumes completed
On Women's Day
What is double taxation?
  • Americans living abroad file taxes with the Internal Revenue Service, which can cost hundreds of dollars to complete even though about 60 per cent do not owe taxes, according to the Taxpayer Advocate Service
  • Those obligations apply to millions of Americans residing overseas – estimates range from 3.9 million to 5.5 million – including so-called "accidental Americans" who are unaware they hold dual citizenship
  • The double taxation policy has been a contentious issue for decades, with many overseas Americans feeling that it punishes them for pursuing opportunities abroad
  • Unlike most countries, the US follows a citizenship-based taxation system, meaning that Americans must file taxes annually, even if they do not earn any income in the US.
La Mer lowdown

La Mer beach is open from 10am until midnight, daily, and is located in Jumeirah 1, well after Kite Beach. Some restaurants, like Cupagahwa, are open from 8am for breakfast; most others start at noon. At the time of writing, we noticed that signs for Vicolo, an Italian eatery, and Kaftan, a Turkish restaurant, indicated that these two restaurants will be open soon, most likely this month. Parking is available, as well as a Dh100 all-day valet option or a Dh50 valet service if you’re just stopping by for a few hours.
 

Match info

Who: India v Afghanistan
What: One-off Test match, Bengaluru
When: June 14 to 18
TV: OSN Sports Cricket HD, 8am starts
Online: OSN Play (subscribers only)