Dubai's stock exchange declined yesterday, tracking global markets, as investors cut positions ahead of a crucial meeting in Europe.
Leaders from the European Union were expected to discuss the region's debt crisis and Greece's potential exit.
The share price of Emirates NBD, the UAE's biggest bank by assets, lost 1.4 per cent, closing at Dh2.71 on the Dubai Financial Market (DFM). Emaar Properties, the developer behind the Burj Khalifa declined 2.3 per cent to Dh2.90.
The DFM General Index fell 1.1 per cent to 1,480.10 points. The index, which rallied 30 per cent at the start of this year, has erased much of its gains. It is now up 9 per cent.
Movement on Dubai's stock market has become increasingly correlated with global markets in the absence of local catalysts, said Julian Bruce, the director of institutional equity sales at EFG-Hermes in Dubai. "There are no domestic drivers. No-one is talking about the MSCI Emerging Markets inclusion, and the general consensus is that it won't happen."
The UAE is under review for an upgrade to "emerging markets" status next month.
The country is now considered a "frontier market" by MSCI, an international index compiler.
European leaders were set to meet late yesterday in Brussels to discuss the region's debt crisis, which has wiped almost US$4 trillion from equity markets worldwide this month.
The Abu Dhabi Securities Exchange General Index rose 0.1 per cent to 2,475.52.
Elsewhere in the region, Kuwait's index fell 0.2 per cent to 6,366.95, Oman's declined 0.5 per cent to 5,721.27, Qatar's retreated 0.3 per cent to 8,467.42, and Bahrain's was little changed at 1,137.65.
The Saudi Tadawul declined 0.5 per cent to 7,061.43 points.
* with Bloomberg news
[ halsayegh@thenational.ae ]
twitter: Follow and share our breaking business news. Follow us
iPad users can follow our twitterfeed via Flipboard - just search for Ind_Insights on the app.
COMPANY PROFILE
Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)
Managing the separation process
- Choose your nursery carefully in the first place
- Relax – and hopefully your child will follow suit
- Inform the staff in advance of your child’s likes and dislikes.
- If you need some extra time to talk to the teachers, make an appointment a few days in advance, rather than attempting to chat on your child’s first day
- The longer you stay, the more upset your child will become. As difficult as it is, walk away. Say a proper goodbye and reassure your child that you will be back
- Be patient. Your child might love it one day and hate it the next
- Stick at it. Don’t give up after the first day or week. It takes time for children to settle into a new routine.And, finally, don’t feel guilty.
Small Things Like These
Director: Tim Mielants
Cast: Cillian Murphy, Emily Watson, Eileen Walsh
Rating: 4/5
ILT20 UAE stars
LEADING RUN SCORERS
1 Nicholas Pooran, 261
2 Muhammad Waseem (UAE), 248
3 Chris Lynn, 244
4 Johnson Charles, 232
5 Kusal Perera, 230
BEST BOWLING AVERAGE
(minimum 10 overs bowled)
1 Zuhaib Zubair (UAE), 9 wickets at 12.44
2 Mohammed Rohid (UAE), 7 at 13.00
3 Fazalhaq Farooqi, 17 at 13.05
4 Waqar Salamkheil, 10 at 14.08
5 Aayan Khan (UAE), 4 at 15.50
6 Wanindu Hasaranga, 12 at 16.25
7 Mohammed Jawadullah (UAE), 10 at 17.00
The five pillars of Islam
PLAY-OFF DRAW
Barcelona v Manchester United
Juventus v Nantes
Sporting Lisbon v Midtjylland
Shakhtar Donetsk v Rennes
Ajax v Union Berlin
Bayer Leverkusen v Monaco
Sevilla v PSV Eindhoven
Salzburg v Roma
Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE
Edinburgh: November 4 (unchanged)
Bahrain: November 15 (from September 15); second daily service from January 1
Kuwait: November 15 (from September 16)
Mumbai: January 1 (from October 27)
Ahmedabad: January 1 (from October 27)
Colombo: January 2 (from January 1)
Muscat: March 1 (from December 1)
Lyon: March 1 (from December 1)
Bologna: March 1 (from December 1)
Source: Emirates
The Energy Research Centre
Founded 50 years ago as a nuclear research institute, scientists at the centre believed nuclear would be the “solution for everything”.
Although they still do, they discovered in 1955 that the Netherlands had a lot of natural gas. “We still had the idea that, by 2000, it would all be nuclear,” said Harm Jeeninga, director of business and programme development at the centre.
"In the 1990s, we found out about global warming so we focused on energy savings and tackling the greenhouse gas effect.”
The energy centre’s research focuses on biomass, energy efficiency, the environment, wind and solar, as well as energy engineering and socio-economic research.
The Iron Claw
Director: Sean Durkin
Starring: Zac Efron, Jeremy Allen White, Harris Dickinson, Maura Tierney, Holt McCallany, Lily James
Rating: 4/5
THE SPECS
Engine: six-litre W12 twin-turbo
Transmission: eight-speed dual clutch auto
Power: 626bhp
Torque: 900Nm
Price: Dh940,160 (plus VAT)
On sale: Q1 2020
