A rally in Chinese equities was unable to prevent a sell-off in the Arabian Gulf, with markets ending in negative territory.
The Shanghai Composite closed up 1.5 per cent, following a 3 per cent slide on Wednesday. The benchmark Kospi in Seoul ended lower on disappointing earnings data from Samsung Engineering, with the shares closing down 19 per cent at 25,900 won. The stock has fallen 32 per cent this year.
The Chinese bounce did little to reassure UAE investors, with bourses in Abu Dhabi and Dubai both closing down 1 per cent and hitting their lowest levels this month.
“Markets are lacking in momentum, with everyone fairly reluctant to trust signs of potential upside,” said Julian Bruce, the head of institutional trading at EFG-Hermes in Dubai.
“The rally in China seems lacking in conviction, so the natural reaction from investors is to trim their positions further, which was what we saw today.”
The Dubai Financial Market General Index closed down 1 per cent at 3,588.49.
Shares in DFM and Dubai Investments were among the hardest hit, closing down 3 and 2.9 per cent, respectively.
The index heavyweight Emaar Properties lost 0.9 per cent at Dh6.6.
Property stocks bore the brunt of a sell-off on the Abu Dhabi Securities Exchange General Index, which closed 1 per cent lower at 4,485.40.
Aldar Properties closed down 3.2 per cent at Dh2.35, the lowest in more than five weeks, while Eshraq Properties finished down 1.4 per cent at 67 fils.
Saudi Arabia once again led losses across the region, with the Tadawul All Share Index closing down TKT per cent at tTKT.
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
On racial profiling at airports
How to avoid crypto fraud
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The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
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- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
