Abu Dhabi and Dubai stock markets opened stronger yesterday after heavy losses last week over Dubai’s debt woes, but the Dubai bourse remained volatile and had slipped back into the red by mid-morning.
The Abu Dhabi Securities Exchange, which shed 11.6 percent of its capitalization last week, opened up 3.9 percent and gained further ground in early trade to hit 2,686.47 points, up 4.4 percent, by mid-morning.
Dubai’s DFM index, which dropped 12.5 percent in two days of trading last week, opened up 0.5 percent, hit a peak of 1,873.36 points — up 2.4 percent — half an hour after trading resumed following a three day break, and then lost ground to be down 0.5 percent at 10:50am.
The shares of Dubai’s giant property developer, Emaar, which led the losers last week dropping by almost the maximum-allowed percentage of 10 percent, increased 3.5 percent, while Dubai Islamic Bank recovered more than 6 percent.
Emaar later went into red, dropping by just over 1 percent.
All Dubai’s indices for traded sectors were in the green at opening, except for banking, which was down by more than 1.4 percent. Real estate later went into red by 1.78 percent.
Abu Dhabi’s indices were up in all sectors.
The Kuwait Stock Exchange also traded up following a weekend break, increasing by 0.46 percent to 6,729.2 points.
‘CROWN JEWEL’: Washington ‘can delay and deter’ Chinese President Xi Jinping’s plans for Taiwan, but it is ‘a very delicate situation there,’ the secretary of state said US President Donald Trump is opposed to any change to Taiwan’s “status quo” by force or extortion and would maintain that policy, US Secretary of State Marco Rubio told the Hugh Hewitt Show host on Wednesday. The US’ policy is to maintain Taiwan’s “status quo” and to oppose any changes in the situation by force or extortion, Rubio said. Hewitt asked Rubio about the significance of Trump earlier this month speaking with Taiwan Semiconductor Manufacturing Co (台積電) chairman C.C. Wei (魏哲家) at the White House, a meeting that Hewitt described as a “big deal.” Asked whether the meeting was an indication of the
‘RELATIVELY STRONG LANGUAGE’: An expert said the state department has not softened its language on China and was ‘probably a little more Taiwan supportive’ China’s latest drills near Taiwan on Monday were “brazen and irresponsible threats,” a US Department of State spokesperson said on Tuesday, while reiterating Washington’s decades-long support of Taipei. “China cannot credibly claim to be a ‘force for stability in a turbulent world’ while issuing brazen and irresponsible threats toward Taiwan,” the unnamed spokesperson said in an e-mailed response to media queries. Washington’s enduring commitment to Taiwan will continue as it has for 45 years and the US “will continue to support Taiwan in the face of China’s military, economic, informational and diplomatic pressure campaign,” the e-mail said. “Alongside our international partners, we firmly
KAOHSIUNG CEREMONY: The contract chipmaker is planning to build 5 fabs in the southern city to gradually expand its 2-nanometer chip capacity Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s biggest contract chipmaker, yesterday confirmed that it plans to hold a ceremony on March 31 to unveil a capacity expansion plan for its most advanced 2-nanometer chips in Kaohsiung, demonstrating its commitment to further investment at home. The ceremony is to be hosted by TSMC cochief operating officer Y.P. Chyn (秦永沛). It did not disclose whether Premier Cho Jung-tai (卓榮泰) and high-ranking government officials would attend the ceremony. More details are to be released next week, it said. The chipmaker’s latest move came after its announcement earlier this month of an additional US$100 billion
Authorities yesterday elaborated on the rules governing Employment Gold Cards after a US cardholder was barred from entering Taiwan for six years after working without a permit during a 2023 visit. American YouTuber LeLe Farley was barred after already being approved for an Employment Gold Card, he said in a video published on his channel on Saturday. Farley, who has more than 420,000 subscribers on his YouTube channel, was approved for his Gold Card last month, but was told at a check-in counter at the Los Angeles International Airport that he could not enter Taiwan. That was because he previously participated in two
RSS