Stocks end the day mixed as investors await US health vote

UAE stocks ended mixed in lacklustre trade on Thursday as investors awaited the outcome of a vote on a healthcare bill in the United States.

Banks boosted the gauge in Abu Dhabi while Emaar Properties, the biggest publicly traded property company, weighed down Dubai’s main measure.

The Abu Dhabi Securities Market Index advanced 0.3 per cent to 4,495.28, while the Dubai Financial Market General Index fell 0.4 per cent to 3,461.43.

Shares of Emaar dropped 1 per cent to Dh7.25, while in Abu Dhabi the lender FGB gained 0.8 percent to Dh13.

“There was no real incentive to take on additional risk today, given portfolio investors in general are awaiting the vote on the healthcare bill in the US later [in the day], with some portfolio investors seeing any difficulty in the passage of the bill as a sign the rally since November 8 is overdone,” said Sanyalak Manibhandu, head of research at NBAD Securities in Abu Dhabi. “In the event the bill passes, markets could be firmer next week as some investors see the bill’s passage as indicative [of] tax reforms and infrastructure spending also finding support in the US congress. In all, UAE equities were avoiding risk today amid political uncertainty in the US.”

The US president Donald Trump is seeking to rally enough support in the house of representatives to repeal the mandatory healthcare policy that was introduced by former president Barack Obama.

The value of shares traded in Dubai stood at Dh231.4 million compared to the 50-day average of Dh806.3m, while in Abu Dhabi the turnover was Dh120.5m compared to the 50-day average of Dh276.2m.

mkassem@thenational.ae

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If you go

The flights

The closest international airport for those travelling from the UAE is Denver, Colorado. British Airways (www.ba.com) flies from the UAE via London from Dh3,700 return, including taxes. From there, transfers can be arranged to the ranch or it’s a seven-hour drive. Alternatively, take an internal flight to the counties of Cody, Casper, or Billings

The stay

Red Reflet offers a series of packages, with prices varying depending on season. All meals and activities are included, with prices starting from US$2,218 (Dh7,150) per person for a minimum stay of three nights, including taxes. For more information, visit red-reflet-ranch.net.

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Starring: Tom Cruise, Hayley Atwell, Simon Pegg

Rating: 4/5

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Director: Ali Abbasi

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If you go

Flight connections to Ulaanbaatar are available through a variety of hubs, including Seoul and Beijing, with airlines including Mongolian Airlines and Korean Air. While some nationalities, such as Americans, don’t need a tourist visa for Mongolia, others, including UAE citizens, can obtain a visa on arrival, while others including UK citizens, need to obtain a visa in advance. Contact the Mongolian Embassy in the UAE for more information.

Nomadic Road offers expedition-style trips to Mongolia in January and August, and other destinations during most other months. Its nine-day August 2020 Mongolia trip will cost from $5,250 per person based on two sharing, including airport transfers, two nights’ hotel accommodation in Ulaanbaatar, vehicle rental, fuel, third party vehicle liability insurance, the services of a guide and support team, accommodation, food and entrance fees; nomadicroad.com

A fully guided three-day, two-night itinerary at Three Camel Lodge costs from $2,420 per person based on two sharing, including airport transfers, accommodation, meals and excursions including the Yol Valley and Flaming Cliffs. A return internal flight from Ulaanbaatar to Dalanzadgad costs $300 per person and the flight takes 90 minutes each way; threecamellodge.com