Abu Dhabi's index fell to its lowest level in almost two weeks as investors sold shares of Etisalat after full-year results from the region's largest telecommunications operator by market value missed analyst expectations.
Etisalat on Thursday reported a 24 per cent decline in profit to Dh5.8 billion for last year, compared with Dh7.6bn for 2010.
The company, which holds the largest weighting on the Abu Dhabi Index, declined 2.4 per cent to Dh9.22 on a low trading volume.
The exchange lost 0.3 per cent to close at 2,457.49, its lowest since January 31.
"The results have not been good," said Marwan Shurrab, the vice president and chief trader at Gulfmena Investments in Dubai. "Etisalat is only accessible to local players, which is why turnover was low in trading today. But because of its weighting on the index, it was able to bring the market down."
The investment bank Shuaa Capital, listed in Dubai, surged 14.9 per cent to 68 fils ahead of its fourth-quarter results, expected to be released prior to trading today. The Dubai Financial Market General Index was little changed at 1,486.28.
Elsewhere in the region, Kuwait's index rose 0.6 per cent to 5,904.30, Bahrain's rose 0.1 per cent to 1,138.76, Oman's MSM 30 Index slipped 0.3 per cent to 5,601.33, and Qatar's QE Index lost 0.1 per cent to close at 8,681.47. The Saudi Tadawul All-Share Index was little changed at 6,802.94.
halsayegh@thenational.ae
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Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
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Stree
Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5
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Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
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