UAE shares failed to capitalise on a fresh increase in oil prices on Wednesday, as investors trod nervously ahead of the US Federal Reserve meeting.
Brent crude futures rose to a fresh high for the year on Wednesday, hitting the US$47 per barrel mark for the first time since November, before retreating slightly to trade at $46.75 in the late afternoon.
The rise in oil prices, prompted in part by a surprise reduction in US stockpiles, led to shares in Saudi Arabia gaining by 0.9 per cent, at 6,820.3.
Sentiment was more muted in the UAE. Dubai's headline index ended the day 1.5 per cent lower at 3,506.95, ahead of the Fed's meeting on interest rates last night.
“Even with oil prices going up, people are quite cautious and are content to take some profits before the Fed decision,” said Tariq Qaqish, the managing director of asset management at Al Mal Capital in Dubai.
Shares in Dubai Islamic Bank ended the day down 3.5 per cent lower, despite DIB reporting better-than-expected first-quarter profit and announcing plans to raise Dh3.6 billion via a share issue.
Emaar Properties fell by 1.7 per cent to Dh6.67 as the stock went ex-dividend.
Shares in the capital were almost unchanged, with trading in ADCB and NBAD suspended ahead of the release of their first-quarter results.
The Abu Dhabi Securities Exchange General Index closed up by 0.07 per cent at 4,588.20, with Agthia and Dana Gas the pick of the big-name gainers. FGB, the index's heaviest weighted stock, ended the day unchanged at Dh13.10, ahead of the bank announcing a 6 per cent drop in first-quarter net profit.
jeverington@thenational.ae
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David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
Mountain%20Boy
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UAE currency: the story behind the money in your pockets
The specs
Price, base / as tested Dh135,000
Engine 1.6L turbo
Gearbox Six speed automatic with manual and sports mode
Power 165hp @ 6,000rpm
Torque 240Nm @ 1,400rpm 0-100kph: 9.2 seconds
Top speed 420 kph (governed)
Fuel economy, combined 35.2L / 100km (est)
THE BIO
Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.
Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.
Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.
Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Match info
Uefa Champions League Group B
Tottenham Hotspur 1 (Eriksen 80')
Inter Milan 0
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Key Points
- Protests against President Omar Al Bashir enter their sixth day
- Reports of President Bashir's resignation and arrests of senior government officials
What are the main cyber security threats?
Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
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