UAE stock markets declined yesterday as price volatility throughout the week dampened sentiment.
Arkan Building Materials sank 5.3 per cent to 87 fils on the Abu Dhabi Securities Exchange (ADX) General Index. Dana Gas fell 2.2 per cent to 44 fils on the ADX. Aldar Properties, the developer behind Ferrari World, declined 0.8 per cent to Dh1.14 on the ADX.
"This level of volatility doesn't reflect a trend or rhythm to win confidence from long-term investors," said Wadah Al Taha, the chief investment officer at Al Zarooni Group in Dubai. "There is no clear direction for the market, only speculation."
The ADX General Index was little changed at 2,504.78.
Emaar Properties, a major property developer in Dubai, fell 0.6 per cent to Dh3.25 on the Dubai Financial Market (DFM) General Index.
Arabtec Holding rose 2.3 per cent to Dh3.49 on the DFM. The contracting company's stock price has risen more than 100 per cent this year. The DFM General Index fell 0.5 per cent to 1,623.52.
The Saudi market fell 0.1 per cent to 7,545.28 yesterday after the index compiler MSCI announced it would resume coverage on companies in the kingdom after a three-year hiatus.
Investors speculated on Monday that the country had a good chance of attaining an upgrade to emerging-market status.
Kuwait's index rose 0.4 per cent to 6,399.70, Bahrain's advanced 0.3 per cent to 1,152.79, and Oman's MSM 30 Index fell 0.6 per cent to 5,833.26.
Qatar's QE Index lost 0.3 per cent to close at 8,672.01.
halsayegh@thenational.ae
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Water waste
In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
Specs
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Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
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Heather, the Totality
Matthew Weiner,
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Rating: 3.5/5
PROFILE OF CURE.FIT
Started: July 2016
Founders: Mukesh Bansal and Ankit Nagori
Based: Bangalore, India
Sector: Health & wellness
Size: 500 employees
Investment: $250 million
Investors: Accel, Oaktree Capital (US); Chiratae Ventures, Epiq Capital, Innoven Capital, Kalaari Capital, Kotak Mahindra Bank, Piramal Group’s Anand Piramal, Pratithi Investment Trust, Ratan Tata (India); and Unilever Ventures (Unilever’s global venture capital arm)
Sun jukebox
Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)
This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.
Elvis Presley, Mystery Train (1955)
The B-side of Presley’s final single for Sun bops with a drummer-less groove.
Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)
Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.
Carl Perkins, Blue Suede Shoes (1956)
Within a month of Sun’s February release Elvis had his version out on RCA.
Roy Orbison, Ooby Dooby (1956)
An essential piece of irreverent juvenilia from Orbison.
Jerry Lee Lewis, Great Balls of Fire (1957)
Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
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