Egypt's exchange reached its highest point in nearly seven weeks as a foreign aid package aimed at bolstering the economy offered a boon to investors.
The benchmark EGX 30Index advanced 3 per cent to 5,405.52 points, its highest close since April 7. Saudi Arabia, which has the region's largest economy, has pledged US$4 billion (Dh14.69bn) of aid to Egypt.
Market heavyweights led the momentum in Cairo, with Commercial International Bank rising 2 per cent to 5.09 Egyptian pounds and Orascom Construction, the largest listed Egyptian company, advancing almost 3 per cent to 258.51 pounds.
But for fund managers elsewhere in the region, the summer hiatus has already set in.
"The dearth is already there, and with results out of the way there are no other key catalysts," said Shehzad Janab, the head of asset management and advisory at Daman Investments in Dubai.
"Investors are sitting on positions in the market and I would be surprised if people have played the risk game."
Daily share trading volumes on the UAE markets have struggled to breach the 200 million mark, and anticipation ahead of the index compiler MSCI's reassessment of the UAE and Qatari markets is leading traders to hold their positions in the markets, Mr Janab said.
The Dubai Financial Market General Index slipped 0.3 per cent to 1,578.68, and the Abu Dhabi Securities Exchange General Index edged 0.3 per cent lower to 2,646.77.
Elsewhere in the region: Qatar's index fell 0.4 per cent to 8,606.81; Bahrain's lost 0.5 per cent to close at 1,364.57; Muscat's closed 0.3 per cent higher at 6,064.49; and the Saudi Tadawul All-Share Index rose 0.3 per cent to 6,750.75.
fhalime@thenational.ae
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
SM Town Live is on Friday, April 6 at Autism Rocks Arena, Dubai. Tickets are Dh375 at www.platinumlist.net
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Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
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.
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
J%20Street%20Polling%20Results
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Superpower%20
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Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
RESULTS
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MATCH INFO
West Ham United 2 (Antonio 73', Ogbonna 90 5')
Tottenham Hotspur 3 (Son 36', Moura 42', Kane 49')
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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