The Abu Dhabi Securities Exchange (ADX) ended the week yesterday at a two-week low, in what analysts say is a lag on the increases occurring on the bourse in neighbouring Dubai.
The ADX General Index closed the week down 0.96 per cent at 2,568.29. By comparison, the Dubai Financial Market (DFM) General Index finished up 0.29 per cent at 1,660.26 to end the week on a three-day high.
Haissam Arabi, the chief executive at Gulfmena Investments in Dubai, said the ADX drop was a correction in line with similar patterns seen earlier in the week on the DFM.
"The ADX is always a lagger compared to Dubai. What we're seeing is the Abu Dhabi bourse coming to terms with the correction we've seen on the DFM," Mr Arabi said. "Dubai's bourse has now registered two positive sessions. It is still very much range-bound, and it will take some time to break out of that, but it is likely it will do so on the upside. Then we will see the ADX follow suit afterwards."
Oman's benchmark stock index rose to its highest in more than a week after a report that the central bank would discuss a possible merger between the local unit of HSBC Holdings and Oman International Bank
The MSM 30 Index rose 0.6 per cent, the most since March 13, to 5,957.76 at the close in Muscat, taking this week's gain to 0.1 per cent. The measure has added 4.6 per cent this year.
Oman's central bank is scheduled to discuss the possible merger between Oman International and the HSBC unit, the regulator said in an emailed statement after the close of trading yesterday.
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Chatto & Windus
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
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Director: Rupert Wyatt
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Recipe
Garlicky shrimp in olive oil
Gambas Al Ajillo
Preparation time: 5 to 10 minutes
Cooking time: 5 minutes
Serves 4
Ingredients
180ml extra virgin olive oil; 4 to 5 large cloves of garlic, minced or pureed (or 3 to 4 garlic scapes, roughly chopped); 1 or 2 small hot red chillies, dried (or ¼ teaspoon dried red chilli flakes); 400g raw prawns, deveined, heads removed and tails left intact; a generous splash of sweet chilli vinegar; sea salt flakes for seasoning; a small handful of fresh flat-leaf parsley, roughly chopped
Method
▶ Heat the oil in a terracotta dish or frying pan. Once the oil is sizzling hot, add the garlic and chilli, stirring continuously for about 10 seconds until golden and aromatic.
▶ Add a splash of sweet chilli vinegar and as it vigorously simmers, releasing perfumed aromas, add the prawns and cook, stirring a few times.
▶ Once the prawns turn pink, after 1 or 2 minutes of cooking, remove from the heat and season with sea salt flakes.
▶ Once the prawns are cool enough to eat, scatter with parsley and serve with small forks or toothpicks as the perfect sharing starter. Finish off with crusty bread to soak up all that flavour-infused olive oil.
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