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.
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Match info
Newcastle United 1
Joselu (11')
Tottenham Hotspur 2
Vertonghen (8'), Alli (18')
Company profile
Name: Infinite8
Based: Dubai
Launch year: 2017
Number of employees: 90
Sector: Online gaming industry
Funding: $1.2m from a UAE angel investor
Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
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Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
Indika
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Kamindu Mendis bio
Full name: Pasqual Handi Kamindu Dilanka Mendis
Born: September 30, 1998
Age: 20 years and 26 days
Nationality: Sri Lankan
Major teams Sri Lanka's Under 19 team
Batting style: Left-hander
Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)
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