Dubai’s equity index fell the most in seven months on Wednesday as investors booked profits. UAE shares have surged 35.7 per cent since November, when the emirate won its bid to host Expo 2020.
"We have some good profit-taking," said Sebastien Henin, the head of asset management at The National Investor, an Abu Dhabi-based investment bank. "When they decided to give rights in November for Dubai to host the Expo, the market was only going in one way. It was too high and too fast."
In Wednesday's session, five stocks fell for every stock that rose. Shuaa, a Dubai-based investment bank, dropped 6.1 per cent to Dh1.06 a share. The Dubai Financial Market Company, the emirate's stock exchange, tumbled 6.6 per cent to Dh2.80 a share.
“There’s a lack of catalysts. Our markets have tripled in 18 months, so a dip is overdue,” said Nabil Rantisi, the managing director of brokerage at Mena Corp, an Abu Dhabi-based investment company. “Come on, stocks went from one to three, from three to nine. I don’t think it’s related to bad news. Price-to-earnings ratios are pretty much high.”
Emaar Properties, the region's biggest developer, declined 3.4 per cent to Dh8.57 a share. Arabtec Holding, the biggest contractor, fell 4.9 per cent to Dh4.66 a share. Union Properties, another developer, fell 5.4 per cent to Dh1.90 a share.
The Dubai Financial Market General Index dropped 3.8 per cent, the biggest one-day price drop since August, to close at 3,935.79 points.
On the Abu Dhabi Securities Exchange, property stocks, banks and financial services firms dragged the equity index lower.
Aldar Properties, the capital's biggest developer, fell 4.8 per cent to Dh2.96 a share. Eshraq Properties, another developer, dropped 6.7 per cent to Dh2.21 a share. Abu Dhabi Commercial Bank, the biggest commercial lender in the emirate, dropped 6.5 per cent Dh6.70 a share.
The Abu Dhabi Securities Exchange General Index closed 2.7 per cent lower at 4,650.17.
halsayegh@thenational.ae
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The BaaS ecosystem
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Consumers: End-users of the financial product delivered
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
TWISTERS
Director:+Lee+Isaac+Chung
Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos
Rating:+2.5/5
Omar Yabroudi's factfile
Born: October 20, 1989, Sharjah
Education: Bachelor of Science and Football, Liverpool John Moores University
2010: Accrington Stanley FC, internship
2010-2012: Crystal Palace, performance analyst with U-18 academy
2012-2015: Barnet FC, first-team performance analyst/head of recruitment
2015-2017: Nottingham Forest, head of recruitment
2018-present: Crystal Palace, player recruitment manager
New Zealand 15 British & Irish Lions 15
New Zealand 15
Tries: Laumape, J Barrett
Conversions: B Barrett
Penalties: B Barrett
British & Irish Lions 15
Penalties: Farrell (4), Daly
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97% of Jewish-Americans are concerned about the rise in anti-Semitism
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74% of American Jews agreed that “Trump and the Maga movement are a threat to Jews in America"
Brief scores:
Toss: Kerala Knights, opted to fielf
Pakhtoons 109-5 (10 ov)
Fletcher 32; Lamichhane 3-17
Kerala Knights 110-2 (7.5 ov)
Morgan 46 not out, Stirling 40
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
