Abu Dhabi Islamic Bank (ADIB) fell the most in eight months on speculation the UAE's second-biggest Sharia-compliant lender may recommend a full-year dividend that is below expectations.
The stock retreated 3.1 per cent, the biggest drop since April 12, to Dh3.08 at the close in the capital. About 2.56 million shares were traded yesterday, more than 13 times the three-month daily average. ADIB was the biggest decliner in percentage terms on the benchmark ADX General Index, which rose less than 0.1 per cent.
The lender last month raised US$1 billion from the sale of Tier-1 perpetual sukuk, which do not mature, paying a coupon of 6.375 per cent. The notes, which can be treated as equity, come as ADIB seeks to boost its Tier-1 capital ratio to more than 15 per cent from 13.7 per cent at the end of September as part of plans to expand lending. The lender paid a Dh0.2442 cash dividend for 2011, data compiled by Bloomberg shows.
By the close, Abu Dhabi's measure ticked up 0.06 per cent to 2,612.80 points.
Bluechips helped Dubai's index to rise 0.1 per cent to a close of 1,591.5 points.
Emaar Properties and Air Arabia gained 0.5 per cent and 1.2 per cent respectively. Builder Arabtec climbed 1.3 per cent.
Elsewhere, Kuwait's benchmark edged up 0.02 per cent to 5,986.8 points, a nine-week high.
Qatar's bourse marked its biggest one-day gain in three months on a technical breakout.
Industries Qatar gained 1.1 per cent and Qatar Electricity and Water climbed 0.9 per cent. Of the 20 stocks on the main index, 18 advanced.
Doha's index rose 0.7 per cent to 8,407.1 points, its largest daily gain since September 12.
* with agencies
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
Five expert hiking tips
- Always check the weather forecast before setting off
- Make sure you have plenty of water
- Set off early to avoid sudden weather changes in the afternoon
- Wear appropriate clothing and footwear
- Take your litter home with you
Indoor cricket in a nutshell
Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
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