Local markets got off to a sluggish start in early trading, as the start of earnings season for the UAE's banking sector failed to give local markets a second wind following brisk trading yesterday.
The Dubai Financial Market fell 0.2 per cent to 1,550.05, while Abu Dhabi's index moved was flat at 2,716.47 in early trading.
With Dubai's index having risen 1.35 per cent yesterday, analysts said a correction was in order.
"Yesterday's uptick move was indeed beyond expectations, and now [traders are] getting back to reality," said Talal Touqan, head of research at AlRamz Securities.
One of the biggest movers on the Dubai bourse was Tamweel, which fell 1.32 per cent to 90 fils a share after an early boost. The Islamic lender announced plans yesterday to offer mortgages to international buyers, as the UAE eases its restrictions on visas for property owners.
But few banks saw sharp movements after First Gulf Bank reported an increase in profits of 13 per cent to Dh890 million after markets closed yesterday.
The stock was unmoved at Dh17.75 in early trading despite beating analysts' estimates.
Income from fees was sharply down as new Central Bank regulations to combat excessive personal lending charges took effect, and analysts predicted a tricky year ahead for the lender.
"Since the regulation [has been] in effect since May 1, we should see a more pronounced effect in the next quarter," wrote Naveed Ahmed, a financial analyst at Global Investment House, in a research note.
Other lenders, such as Union National Bank, began the day moving downwards, though the stock has since rallied, rising 0.56 per cent to Dh3.60 a share.
Asian stocks fell as US sovereign debt worries caused concerns for international traders. The Nikkei 225 fell 0.2 per cent to 9,936.12 and the Hang Seng index decreased 0.2 per cent to 21,871.28.
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
