In UAE, DFM and ADX remain flat while Asian stock markets take a dive on renewed rate hike talk

In UAE, DFM and ADX remain flat while Asian stock markets take a dive on renewed rate hike talk

Dubai: The UAE stock markets did not join Asian peers in a broad sell-off, with investors taking heart from the continuing strength in oil prices. At the end of the first 30 minutes of trading Tuesday, the DFM was down only 6.30 points, with Emaar still under pressure and Union Properties reversing some of Monday’s gains. On the ADX, the sentiment is positive with a 0.20 per cent gain, with IHC and FAB leading the way. AD Ports Group is also in the positive. “The sentiment seems to be driven by oil gaining traction on the upside and the dollar’s strength is also helping,” said Vijay Valecha, Chief Investment Officer at Century Financial. The Emaar dip is a continuation from mixed investor sentiments over the Dubai mega-developer deciding to sell its Namshi fashion portal to noon for $325 million plus. The stock is down 0.51 per cent to Dh5.81 after seeing up to a 1.86 per cent dip on Monday. (The market and investors are awaiting noon’s confirmation the deal is going ahead.) Compared to the near flatness on UAE stock markets, across Asia, there is a sea of red. The Indian Sensex is down for a third straight day,