Bourses in the UAE fell in trading yesterday as investors booked profits after an aggressive bull run on the Abu Dhabi Securities Exchange and Dubai Financial Market.
"The market has been very strong in the last two months," said Marwan Shurrab, a fund manager at Gulfmena Investments, an asset manager in Dubai. "Profit-taking is very healthy and allows the market to take a breather."
Aldar Properties, the developer behind Yas Island, lost 0.6 per cent to Dh1.55. Sorouh, which developed Reem Island's Sun and Sky Towers, fell 2 per cent to Dh1.88. Dana Gas, the Sharjah-based explorer and producer, declined 1.9 per cent to 50 fils.
The Abu Dhabi Securities Exchange General Index fell 0.9 per cent, the biggest one-day price drop since December 11, to 3,004.79. Abu Dhabi's index has risen 14.2 per cent since the start of the year.
On the Dubai Financial Market General Index, Emaar Properties fell 2.8 per cent to Dh5.14 after the developer's dividend announcement failed to excite investors. Emaar suggested a cash dividend of 10 fils, maintaining the same level for the last two years. The dividend was lower than market expectations, said Mr Shurrab.
Arabtec Holding, the big contracting company, declined 2.3 per cent to Dh2.98. Tabreed fell a further 3 per cent yesterday, adding to losses of 4.7 per cent on Monday, amid dilution worries from equity investors after the district cooling company said it would issue convertible bonds.
The DFM closed 0.9 per cent lower to 1,925.20. Dubai's benchmark has gained 18.6 per cent since the start of the year. "Dubai's benchmark should consolidate around 1,850 to 1,900, until the next round of annual general assembly meetings take place - the next coming catalyst," said Mr Shurrab.
In Saudi Arabia, the Tadawul All Share Index dipped 0.77 per cent to 6,988.19.
halsayegh@thenational.ae
If you go
- The nearest international airport to the start of the Chuysky Trakt is in Novosibirsk. Emirates (www.emirates.com) offer codeshare flights with S7 Airlines (www.s7.ru) via Moscow for US$5,300 (Dh19,467) return including taxes. Cheaper flights are available on Flydubai and Air Astana or Aeroflot combination, flying via Astana in Kazakhstan or Moscow. Economy class tickets are available for US$650 (Dh2,400).
- The Double Tree by Hilton in Novosibirsk ( 7 383 2230100,) has double rooms from US$60 (Dh220). You can rent cabins at camp grounds or rooms in guesthouses in the towns for around US$25 (Dh90).
- The transport Minibuses run along the Chuysky Trakt but if you want to stop for sightseeing, hire a taxi from Gorno-Altaisk for about US$100 (Dh360) a day. Take a Russian phrasebook or download a translation app. Tour companies such as Altair-Tour ( 7 383 2125115 ) offer hiking and adventure packages.
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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Multitasking pays off for money goals
Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.
That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.
"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.
Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."
People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.
"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."
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