Shares in the UAE led modest losses across the Arabian Gulf yesterday, following global bourses lower.
Japanese stocks fell for a third day and Australia’s index ended a winning streak after the S&P 500 on Wednesday closed below a key technical level for the first time since Election Day.
The Dubai Financial Market General Index followed suit, closing 0.9 per cent lower yesterday at 3,509.34, dragged down by Emaar Properties. The developer’s shares closed down 1.4 per cent at Dh7.25 apiece, with Dubai Investments and Emaar Malls also finishing lower.
Arabtec Holding shares finished 2.4 per cent lower at 89.8 fils each, after the construction company announced further details on its recapitalisation programme.
Dubai Islamic Insurance was the sole gainer on the emirate’s headline index, closing up 0.5 per cent at 86 fils a share.
The Abu Dhabi Securities Exchange General Index closed down 0.8 per cent at 4,518.14, with trading volumes more than 50 per cent lower than the index’s daily average for the past six months.
First Abu Dhabi Bank (ticker: NBAD) closed down 1.4 per cent at Dh10.65, its sixth straight negative close. Aldar Properties and ADCB ended down 1.8 per cent and 1 per cent, respectively.
ADIB and Bank of Sharjah led gainers, rising 1.1 per cent and 1.5 per cent.
Shares in Saudi Arabia were little changed on the day, following the completion of its debut $9bn sukuk issuance.
The Tadawul finished down 0.3 per cent, with gains by Saudi Arabian Fertilizer and Saudi Kayan Petrochemical cancelled out by falls by NCB and Banque Saudi Fransi.
jeverington@thenational.ae
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Keane on …
Liverpool’s Uefa Champions League bid: “They’re great. With the attacking force they have, for me, they’re certainly one of the favourites. You look at the teams left in it - they’re capable of scoring against anybody at any given time. Defensively they’ve been good, so I don’t see any reason why they couldn’t go on and win it.”
Mohamed Salah’s debut campaign at Anfield: “Unbelievable. He’s been phenomenal. You can name the front three, but for him on a personal level, he’s been unreal. He’s been great to watch and hopefully he can continue now until the end of the season - which I’m sure he will, because he’s been in fine form. He’s been incredible this season.”
Zlatan Ibrahimovic’s instant impact at former club LA Galaxy: “Brilliant. It’s been a great start for him and for the club. They were crying out for another big name there. They were lacking that, for the prestige of LA Galaxy. And now they have one of the finest stars. I hope they can go win something this year.”
What is an ETF?
An exchange traded fund is a type of investment fund that can be traded quickly and easily, just like stocks and shares. They come with no upfront costs aside from your brokerage's dealing charges and annual fees, which are far lower than on traditional mutual investment funds. Charges are as low as 0.03 per cent on one of the very cheapest (and most popular), Vanguard S&P 500 ETF, with the maximum around 0.75 per cent.
There is no fund manager deciding which stocks and other assets to invest in, instead they passively track their chosen index, country, region or commodity, regardless of whether it goes up or down.
The first ETF was launched as recently as 1993, but the sector boasted $5.78 billion in assets under management at the end of September as inflows hit record highs, according to the latest figures from ETFGI, a leading independent research and consultancy firm.
There are thousands to choose from, with the five largest providers BlackRock’s iShares, Vanguard, State Street Global Advisers, Deutsche Bank X-trackers and Invesco PowerShares.
While the best-known track major indices such as MSCI World, the S&P 500 and FTSE 100, you can also invest in specific countries or regions, large, medium or small companies, government bonds, gold, crude oil, cocoa, water, carbon, cattle, corn futures, currency shifts or even a stock market crash.
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5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
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