A planned merger of the Dubai Financial Market and the Abu Dhabi Securities Exchange (ADX) has been shelved for the foreseeable future as terms for the politically sensitive move could not be agreed, sources told Reuters on Thursday.
UAE bourses will be closed for three days for the Eid Al Fitr holiday which marks the end of Ramadan, said the Emirates Securities and Commodities Authority.
Dubai Financial Market and Abu Dhabi Exchange
Bourses in the UAE, Qatar and Oman fell to multi-month lows, rattled by a US rating downgrade which sparked worries the global economy may retreat into recession.
Dubai's benchmark closed at a 20-week low
UAE markets ended lower, tracking drops on other Gulf bourses as oil price declines weighed, with Dubai's index slumping to a four-week low.
Dubai's benchmark fell 1 percent to 1,592 points, its lowest finish since April 12 as all sectors
Foreign investor outflows from Gulf markets during recent political unrest have been significantly lower than those seen during the financial crisis, the regional head of custody at HSBC said.
Stock markets in the region have been pretty r
Dubai Financial Market (DFM) posted a net profit of Dh78.9 million ($21.48 million) for the year 2010, a fall of 60 per cent compared to Dh346.6 million in 2009.
Total revenues reached Dh260.5 million at the end of 2010, compared to D
DealReporter, a provider of market-moving information on a wide range of liquidity events, has launched its enhanced Middle East service.
The expanded Middle East platform now provides in-depth coverage of a spectrum of actionable liquidit
Stock markets in Middle East and North Africa lost $140 billion in market capitalisation during the last five weeks as political unrest sweeping through the region left investors nervous, a report said.
The market capitalisation of 16 Arab
Dubai's index surged in early trade, easing from a six-year low to track Saudi Arabia's Saturday gains, while other regional benchmarks also advanced.
Dubai's measure climbed 5.2 per cent to 1,423 points, trimming its year-to-d
Political unrest and change across the region will have an effect on the economy and markets, but markets could quickly bounce back and return to normal, experts said.
The effects of the 2006 stock market crash in the region and the global