Europe overshadows UAE markets



Local markets declined on Monday, as investors searched for cues from Europe, after Standard & Poor's cut Spain's credit rating on Friday and the US revealed economic growth slowed during the first quarter.

Aldar Properties, Abu Dhabi's biggest developer, declined 2.5 per cent to Dh1.15. Eshraq Properties, another listed developer in the capital, fell 5.2 per cent to 36 fils. The Abu Dhabi Securities Exchange General Index lost 0.5 per cent to 2498.28 points.

"People are waiting to see how Europe will react to these two triggers released on Friday," said Marwan Shurrab, the chief trader at asset-manager Gulfmena Investments in Dubai.

"If the result is flat in European market, we may see investors building positions here."

The ratings agency downgraded Spain's rating by two notches to BBB+ and added a negative outlook, as it expected the country's economy to contract this year.

US GDP growth slowed to 2.2 per cent in the first quarter amid government cutbacks, and a slowdown in business investment. Economists had forecast the world's biggest economy to grow 2.5 per cent.

Emaar Properties, Dubai's biggest developer, was unchanged at Dh3.26. Tamweel, a mortgage company complying with Shariah rules, lost 0.8 per cent to Dh1.18. The Dubai Financial Market General Index was down 0.3 per cent to 1633.86 points.

Elsewhere in the region, Kuwait's measure added 0.3 per cent to 6360.30 points. Bahrain's index added 0.1 per cent to 1150.47 points. Oman's measure gained 0.2 per cent to 5887.39 points. Qatar's QE Index added 0.1 per cent to 8701.56 points.

The Saudi Tadawul All-Share Index lost 0.6 per cent to 7555.77 points yesterday.

halsayegh@thenational.ae

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Wydad 2 Urawa 3

Wydad Nahiri 21’, Hajhouj 90'

Urawa Antonio 18’, 60’, Kashiwagi 26’

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
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Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)

The Rub of Time: Bellow, Nabokov, Hitchens, Travolta, Trump and Other Pieces 1986-2016
Martin Amis,
Jonathan Cape

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Tree of Hell

Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla

Director: Raed Zeno

Rating: 4/5

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Afghanistan squad

Gulbadin Naib (captain), Mohammad Shahzad (wicketkeeper), Noor Ali Zadran, Hazratullah Zazai, Rahmat Shah, Asghar Afghan, Hashmatullah Shahidi, Najibullah Zadran, Samiullah Shinwari, Mohammad Nabi, Rashid Khan, Dawlat Zadran, Aftab Alam, Hamid Hassan, Mujeeb Ur Rahman.

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'Downton Abbey: A New Era'

Director: Simon Curtis

 

Cast: Hugh Bonneville, Elizabeth McGovern, Maggie Smith, Michelle Dockery, Laura Carmichael, Jim Carter and Phyllis Logan

 

Rating: 4/5

 
APPLE IPAD MINI (A17 PRO)

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Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine

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In the box: iPad mini, USB-C cable, 20W USB-C power adapter

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End of free parking

- paid-for parking will be rolled across Abu Dhabi island on August 18

- drivers will have three working weeks leeway before fines are issued

- areas that are currently free to park - around Sheikh Zayed Bridge, Maqta Bridge, Mussaffah Bridge and the Corniche - will now require a ticket

- villa residents will need a permit to park outside their home. One vehicle is Dh800 and a second is Dh1,200. 

- The penalty for failing to pay for a ticket after 10 minutes will be Dh200

- Parking on a patch of sand will incur a fine of Dh300

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