The Dubai Financial Market General Index suffered its sharpest fall in four weeks yesterday, with declines in Emaar Properties and Emaar Malls Group (EMG) driving down the benchmark measure.
The index ended the day down 1.74 per cent at 4,899.62 points. Shares in Emaar Properties fell 2.17 per cent to Dh11.25 each.
EMG shares, which began trading on the bourse last Thursday, were down 0.91 per cent at Dh3.25, 12 per cent above their original listing price.
Shares of DFM, the bourse operator, fell 4.94 per cent to Dh3.08 each.
DP World, the only stock listed on Nasdaq Dubai that was traded yesterday, ended the day down 3.27 per cent at Dh19.25 each, its lowest level since the start of September.
“The falls in prices aren’t related to any bad news,” said Khaldoon Jaradat, a stockbroker at Brokerage House Securities in Dubai.
“It’s just that right now there’s no good news and people – especially retail investors – want to sell. As they start doing so, others also look to sell with a view to buying in later on at a better price.”
The Abu Dhabi Securities Exchange Index ended the day down 0.65 per cent at 5,083.61 points.
Aldar Properties was the most actively traded stock in the capital, ending the day down 3.65 per cent at Dh3.70 each.
Elsewhere in the region, Bahrain’s All Share Index closed down 3.7 per cent at 1,468.69. Markets in Saudi Arabia, Qatar, Kuwait and Oman remained closed for the Eid Al Adha holidays.
jeverington@thenational.ae
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The finalists
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The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.
The new measures passed by the Cabinet in 2016 were an update to the Wage Protection System, which is in place to track whether a company pays its employees on time or not.
If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.
Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.
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Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
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January 8, ODI, UAE beat Ireland by six wickets
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February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
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March 14, Test, Afghanistan beat Zimbabwe by six wickets
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