Bourses in Dubai and Abu Dhabi fell out of step with emerging markets yesterday as investors sold off banking stocks.
Mashreq was the biggest loser on the Dubai Financial Market General Index as it fell 10 per cent to Dh5.40 per share. The overall index dipped 0.11 per cent to 1,874.50.
"On Tuesday the market was down too far so today was a return to normal," said Khaldoun Jaradat, a trading manager at Brokerage House Securities. "Local earnings and dividends have all been driving stocks in recent days but the global market has also been a factor."
Arabtec Holding's stock also slumped 2.9 per cent to Dh2.1 per share. It was the fifth such decline since Thursday, when the builder announced it would undergo a rights issue and sell Dh1.6 billion of convertible bonds.
The Abu Dhabi Securities Exchange General Index closed 0.6 per cent lower to 3,001.95. Commercial Bank International's shares dipped 0.6 per cent to close at Dh1.49.
A total of Dh236.9 million shares were traded on the DFM, compared with a 50-day average of Dh298.7m.
In Abu Dhabi, Dh145m shares were traded, lower than the 50-day average of Dh212.2m shares.
The performance of the country's bourse was at odds with a generally positive trend elsewhere. The MSCI Emerging Markets Index rose 0.7 per cent to 1,056.96 at 5pm in Hong Kong, heading for the highest close since February 20.
Improving global sentiment has spurred record Chinese purchases of foreign currency and growth in US service industries. The gauge has increased 0.2 per cent this year, compared with a 6.5 per cent gain in the MSCI World Index of developed nations.
[ tarnold@thenational.ae ]
MATCH INFO
Norwich City 0 Southampton 3 (Ings 49', Armstrong 54', Redmond 79')
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
More from Neighbourhood Watch
The specs
Price, base / as tested Dh1,470,000 (est)
Engine 6.9-litre twin-turbo W12
Gearbox eight-speed automatic
Power 626bhp @ 6,000rpm
Torque: 900Nm @ 1,350rpm
Fuel economy, combined 14.0L / 100km
COMPANY PROFILE
Company name: Nomad Homes
Started: 2020
Founders: Helen Chen, Damien Drap, and Dan Piehler
Based: UAE and Europe
Industry: PropTech
Funds raised so far: $44m
Investors: Acrew Capital, 01 Advisors, HighSage Ventures, Abstract Ventures, Partech, Precursor Ventures, Potluck Ventures, Knollwood and several undisclosed hedge funds
DUBAI BLING: EPISODE 1
Creator: Netflix
Stars: Kris Fade, Ebraheem Al Samadi, Zeina Khoury
Rating: 2/5
HUNGARIAN GRAND PRIX RESULT
1. Sebastian Vettel, Ferrari 1:39:46.713
2. Kimi Raikkonen, Ferrari +00:00.908
3. Valtteri Bottas, Mercedes-GP 00:12.462
4. Lewis Hamilton, Mercedes-GP 00:12.885
5. Max Verstappen, Red Bull Racing 00:13.276
6. Fernando Alonso, McLaren 01:11.223
7. Carlos Sainz Jr, Toro Rosso 1 lap
8. Sergio Perez, Force India 1 lap
9. Esteban Ocon, Force India 1 lap
10. Stoffel Vandoorne, McLaren 1 lap
11. Daniil Kvyat, Toro Rosso 1 lap
12. Jolyon Palmer, Renault 1 lap
13. Kevin Magnussen, Haas 1 lap
14. Lance Stroll, Williams 1 lap
15. Pascal Wehrlein, Sauber 2 laps
16. Marcus Ericsson, Sauber 2 laps
17r. Nico Huelkenberg, Renault 3 laps
r. Paul Di Resta, Williams 10 laps
r. Romain Grosjean, Haas 50 laps
r. Daniel Ricciardo, Red Bull Racing 70 laps
A Cat, A Man, and Two Women
Junichiro Tamizaki
Translated by Paul McCarthy
Daunt Books
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Three ways to boost your credit score
Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:
1. Make sure you make your payments on time;
2. Limit the number of products you borrow on: the more loans and credit cards you have, the more it will affect your credit score;
3. Don't max out all your debts: how much you maximise those credit facilities will have an impact. If you have five credit cards and utilise 90 per cent of that credit, it will negatively affect your score.
TWISTERS
Director:+Lee+Isaac+Chung
Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos
Rating:+2.5/5
MATCH DETAILS
Manchester United 3
Greenwood (21), Martial (33), Rashford (49)
Partizan Belgrade 0
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
COMPANY PROFILE
Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)
The specs
Engine: 1.8-litre 4-cyl turbo
Power: 190hp at 5,200rpm
Torque: 320Nm from 1,800-5,000rpm
Transmission: Seven-speed dual-clutch auto
Fuel consumption: 6.7L/100km
Price: From Dh111,195
On sale: Now
Company Profile
Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000
Top 10 most competitive economies
1. Singapore
2. Switzerland
3. Denmark
4. Ireland
5. Hong Kong
6. Sweden
7. UAE
8. Taiwan
9. Netherlands
10. Norway
The biog
Birthday: February 22, 1956
Born: Madahha near Chittagong, Bangladesh
Arrived in UAE: 1978
Exercise: At least one hour a day on the Corniche, from 5.30-6am and 7pm to 8pm.
Favourite place in Abu Dhabi? “Everywhere. Wherever you go, you can relax.”