Abu Dhabi Commercial Bank (ADCB) climbed to its highest point since September 2009 as traders booked positions in bellwether banking stocks.
ADCB rose 3.2 per cent to Dh2.60 on the Abu Dhabi Securities Exchange (ADX) General Index, the most in 18 months, followed by other heavyweight banking and property stocks.
National Bank of Abu Dhabiadvanced 1.6 per cent to Dh9.90.On the Dubai Financial Market (DFM) General Index, Deyaar Developmentrose 0.4 per cent to Dh2.41 and Emirates NBD was up 0.3 per cent to Dh3.30.
"We're waiting for results from banks in particular," said Fadi al Said, a senior fund manager at ING Investment Management in Dubai. Provisions are expected to have reached their peak for banks, leading to a better round of first-quarter results this year.
The DFM General Index finished 0.4 per cent lower at 1,548.67, and the ADX General Index slipped 0.3 per cent to 2,601.35.
But uncertainty over when the unrest in the Mena region will end and what the economic implications could be will most likely result in a volatile market in the short to medium term, the investment bank Rasmala said in a note to investors.
Elsewhere, Kuwaiti stocks closed 0.5 per cent higher at 6,301.10, Doha's market ended flat at 8,460.63, Muscat advanced 0.7 per cent to 6,269.36, and Bahraini shares closed down 0.2 per cent at 1,414.77.
Saudi Arabia's Tadawul All-Share Index was 0.2 per cent lower at 6,605.92. Egypt's market reversed yesterday's gains to close 1.1 per cent lower at 5,498.11.
[ fhalime@thenational.ae ]
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
ENGLAND TEAM
Alastair Cook, Mark Stoneman, James Vince, Joe Root (captain), Dawid Malan, Jonny Bairstow, Moeen Ali, Chris Woakes, Craig Overton, Stuart Broad, James Anderson
Avatar (2009)
Director: James Cameron
Stars: Sam Worthington, Zoe Saldana, Sigourney Weaver
Rating: 3/5
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Company profile
Company name:+Dharma
Date started:+2018
Founders:+Charaf El Mansouri, Nisma Benani, Leah Howe
Based:+Abu Dhabi
Sector:+TravelTech
Funding stage:+Pre-series A
Investors:+Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Company Profile
Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government
How to donate
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UAE currency: the story behind the money in your pockets
UAE FIXTURES
October 18 – 7.30pm, UAE v Oman, Zayed Cricket Stadium, Abu Dhabi
October 19 – 7.30pm, UAE v Ireland, Zayed Cricket Stadium, Abu Dhabi
October 21 – 2.10pm, UAE v Hong Kong, Zayed Cricket Stadium, Abu Dhabi
October 22 – 2.10pm, UAE v Jersey, Zayed Cricket Stadium, Abu Dhabi
October 24 – 10am, UAE v Nigeria, Abu Dhabi Cricket Oval 1
October 27 – 7.30pm, UAE v Canada, Zayed Cricket Stadium, Abu Dhabi
October 29 – 2.10pm, Playoff 1 – A2 v B3; 7.30pm, Playoff 2 – A3 v B2, at Dubai International Stadium.
October 30 – 2.10pm, Playoff 3 – A4 v Loser of Play-off 1; 7.30pm, Playoff 4 – B4 v Loser of Play-off 2 at Dubai International Stadium
November 1 – 2.10pm, Semifinal 1 – B1 v Winner of Play-off 1; 7.30pm, Semifinal 2 – A1 v Winner of Play-off 2 at Dubai International Stadium
November 2 – 2.10pm, Third place Playoff – B1 v Winner of Play-off 1; 7.30pm, Final, at Dubai International Stadium
Afro salons
For women:
Sisu Hair Salon, Jumeirah 1, Dubai
Boho Salon, Al Barsha South, Dubai
Moonlight, Al Falah Street, Abu Dhabi
For men:
MK Barbershop, Dar Al Wasl Mall, Dubai
Regency Saloon, Al Zahiyah, Abu Dhabi
Uptown Barbershop, Al Nasseriya, Sharjah
The National in Davos
We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.
Your rights as an employee
The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.
The new measures passed by the Cabinet in 2016 were an update to the Wage Protection System, which is in place to track whether a company pays its employees on time or not.
If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.
Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.
The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
21 Lessons for the 21st Century
Yuval Noah Harari, Jonathan Cape
