Shares in Qatar recovered from a selloff, but Kuwait and Bahrain both fell on a day when the UAE markets were closed for the National Day holiday.
Banks led gains on Qatar's index which defied analyst expectations and rose nearly 5 per cent after plunging more than 8 per cent on Tuesday. Qatar National Bank, the country's largest lender by market capitalisation, surged 5.9 per cent and Qatar Commercial Bank climbed 3.3 per cent.
Qatar Commercial Bank announced in a statement to the Qatar bourse that it had no exposure to Dubai World or its real estate affiliate Nakheel, whose debt is to be restructured.
"We remind traders that the QSI was already in corrective mode and that the Dubai issue was more of a catalyst to an already weak market," said a note from Shuaa Capital. "We expect more selling to take place despite possible bounces. As such, our view remains bearish and traders should remain out of the market at this stage."
Industrial stocks also climb, led by Industries Qatar which gains 5.8 per cent, and Qatar Gas Transport, which advances 5.5 per cent.
"There is clearly no reason why companies such as Qatar Gas Transport, Industries Qatar, and Qatar electricity should go down," said Ali Khan, managing director at Arqaam Capital.
The index advanced 4.8 per cent to 6,915 points.
In Kuwait, Zain shares fell 1 per cent after Indian state-run telecom firm Bharat Sanchar Nigam Ltd said its plan to buy into the company was on hold. The news adds to confusion surrounding Zain's stake sale, which is already weighing on the index. Zain is the largest listed company on the Kuwait benchmark by market capitalisation.
The index retreated 1 per cent to 6,678 points.
Shares in Gulf Finance Housefell sharply in early trading on Bahrain's index, down 9.5 per cent in very thin trade.
The Islamic investment house said it was renegotiating terms of the Dubai Land real estate project, liabilities to which it put at $302 million at end-June. Profitability of Bahraini banks could be affected by Dubai's debt restructuring programme, analysts say.
Bahrain Telecommunications Co fell 0.8 per cent, while the index declined 0.5 per cent to 1,431 points.
*Reuters
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UAE currency: the story behind the money in your pockets
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Countdown to Zero exhibition will show how disease can be beaten
Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a month before Reaching the Last Mile.
Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.
UAE%20v%20West%20Indies
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Landfill in numbers
• Landfill gas is composed of 50 per cent methane
• Methane is 28 times more harmful than Co2 in terms of global warming
• 11 million total tonnes of waste are being generated annually in Abu Dhabi
• 18,000 tonnes per year of hazardous and medical waste is produced in Abu Dhabi emirate per year
• 20,000 litres of cooking oil produced in Abu Dhabi’s cafeterias and restaurants every day is thrown away
• 50 per cent of Abu Dhabi’s waste is from construction and demolition
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
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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
What is Bitcoin?
Bitcoin is the most popular virtual currency in the world. It was created in 2009 as a new way of paying for things that would not be subject to central banks that are capable of devaluing currency. A Bitcoin itself is essentially a line of computer code. It's signed digitally when it goes from one owner to another. There are sustainability concerns around the cryptocurrency, which stem from the process of "mining" that is central to its existence.
The "miners" use computers to make complex calculations that verify transactions in Bitcoin. This uses a tremendous amount of energy via computers and server farms all over the world, which has given rise to concerns about the amount of fossil fuel-dependent electricity used to power the computers.
THE BIO: Mohammed Ashiq Ali
Proudest achievement: “I came to a new country and started this shop”
Favourite TV programme: the news
Favourite place in Dubai: Al Fahidi. “They started the metro in 2009 and I didn’t take it yet.”
Family: six sons in Dubai and a daughter in Faisalabad
UAE currency: the story behind the money in your pockets
Retail gloom
Online grocer Ocado revealed retail sales fell 5.7 per cen in its first quarter as customers switched back to pre-pandemic shopping patterns.
It was a tough comparison from a year earlier, when the UK was in lockdown, but on a two-year basis its retail division, a joint venture with Marks&Spencer, rose 31.7 per cent over the quarter.
The group added that a 15 per cent drop in customer basket size offset an 11.6. per cent rise in the number of customer transactions.
The biog
Most memorable achievement: Leading my first city-wide charity campaign in Toronto holds a special place in my heart. It was for Amnesty International’s Stop Violence Against Women program and showed me the power of how communities can come together in the smallest ways to have such wide impact.
Favourite film: Childhood favourite would be Disney’s Jungle Book and classic favourite Gone With The Wind.
Favourite book: To Kill A Mockingbird for a timeless story on justice and courage and Harry Potters for my love of all things magical.
Favourite quote: “We make a living by what we get, but we make a life by what we give.” — Winston Churchill
Favourite food: Dim sum
Favourite place to travel to: Anywhere with natural beauty, wildlife and awe-inspiring sunsets.
Killing of Qassem Suleimani
Killing of Qassem Suleimani
Mohammed bin Zayed Majlis
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
