UAE stocks fell slightly on Thursday, brushing off steep declines in oil and Asian equity markets.
The international crude benchmark fell by 1.1 per cent to US$34 per barrel in early trading. China’s CSI 300 index plunged 6.1 per cent, while Hong Kong’s Hang Seng index fell 1.5 per cent.
UAE markets did not react much to the global scene due to profit-taking, according to Sanyalak Manibhandu, the head of research at NBAD Securities in Abu Dhabi.
“We have had a good run over this month,” said Mr Manibhandu. “If oil prices don’t go back to to a new low, I think crude is less important than dividends and earnings. There are AGMs coming up, dividends coming up and that is taking some focus off crude.”
The Dubai Financial Market General Index lost 0.4 per cent to 3,124.07. It is up by 4.8 per cent so far this month and 19.15 per cent since the low of January 21. Emaar Properties fell 1.2 per cent to Dh5.6, while mortgage lender Amlak shed 1.4 per cent to Dh1.35.
The Abu Dhabi Securities Market General Index closed down 0.7 per cent to 4,251.18. It is up 3.5 per cent this month and 13.76 per cent since the year’s low reached on January 21. RAK Properties fell 3.1 per cent to62 fils while United Arab Bank fell 9.8 per cent to Dh3.49.
dalsaadi@thenational.ae
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Types of fraud
Phishing: Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
Smishing: The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
Vishing: The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
SIM swap: Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
Identity theft: Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
Prize scams: Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
* Nada El Sawy
