- Title: Dubai's market drops 2.5 percent after Trump election.
- Date: 9th November 2016
- Summary: DUBAI, UNITED ARAB EMIRATES (NOVEMBER 9, 2016) (REUTERS) ENTRANCE TO DUBAI STOCK EXCHANGE SIGN READING (Arabic): "DUBAI FINANCIAL MARKET" ENTRANCE TO DUBAI STOCK EXCHANGE WITH SIGN READING (English and Arabic): "DUBAI FINANCIAL MARKET" DUBAI STOCK EXCHANGE WITH LARGE SCREENS SHOWING STOCKS AND PEOPLE SITTING ON SOFAS VARIOUS OF LARGE SCREENS AT DUBAI STOCK EXCHANGE SHOWING STOCKS LED TICKER DISPLAY SHOWING STOCKS LARGE SCREENS AT DUBAI STOCK EXCHANGE SHOWING STOCKS, PEOPLE SITTING IN FRONT OF COMPUTERS MONITORING STOCKS CLOCKS AND TV SCREEN SHOWING NEWS BROADCAST DISPLAYING A PICTURE OF US PRESIDENT-ELECT DONALD TRUMP SCREEN READING (English): "MARKET SUMMARY SHOWING ONE STOCK DOWN" (SOUNDBITE) (Arabic) PARTNER ABF CONSULTANCY, BAHAA AL FAR, SAYING: "Today's session opened with a 2.5 percent drop on the backdrop of the American elections. Of course this reaction was expected just like in other markets, including Asian markets and others. It is my belief that the investor is confident that this news that affected some stocks, will pass and therefore given very good results of the companies (on the Dubai Financial Market), this will be a completely isolated issue from the results of our local companies." VARIOUS OF LARGE SCREENS AND LED TICKER DISPLAYS SHOWING STOCKS
- Embargoed: 24th November 2016 13:19
- Keywords: Donald Trump U.S. election stock exchange Dubai
- Location: DUBAI, UNITED ARAB EMIRATES
- City: DUBAI, UNITED ARAB EMIRATES
- Country: USA
- Topics: Government/Politics,Elections/Voting
- Reuters ID: LVA00157Q6GQV
- Aspect Ratio: 16:9
- Story Text: The Dubai stock market dropped by 2.5 percent on Wednesday (November 9) as Donald Trump swept to victory in the U.S. presidential election.
The U.S. dollar, Mexican peso and world stocks also fell after news of Trump's victory but fears of a Brexit-style shock that wiped trillions off global markets has failed to materialize so far.
In Dubai, investors appeared confident the hit is only temporary.
"This reaction was expected just like in other markets… It is my belief that the investor is confident that this news that affected some stocks will pass and... this will be a completely isolated issue from the results of our local companies," said investment advisor at ABF Consultancy, Bahaa al Far.
But many investors fear a Trump victory could cause global economic and trade turmoil and years of policy unpredictability, discouraging the Federal Reserve from raising interest rates in December as long expected.
A wealthy real-estate developer and former reality TV host, Trump rode a wave of anger toward Washington insiders to win the White House race against Clinton, the Democratic candidate whose gold-plated establishment resume included stints as a first lady, U.S. senator and secretary of state.
Markets had favoured Clinton as a status quo candidate who would be considered a safe pair of hands at home on the world stage. Analysts had no such certainty about Trump whose powers could be bolstered by the Republican's control of the Senate.
- Copyright Holder: REUTERS
- Copyright Notice: (c) Copyright Thomson Reuters 2016. Open For Restrictions - http://about.reuters.com/fulllegal.asp
- Usage Terms/Restrictions: None