An investor with a newspaper looks at stock market data displayed on an electronic board at a securities brokerage house in Beijing, China. EPA
An investor with a newspaper looks at stock market data displayed on an electronic board at a securities brokerage house in Beijing, China. EPA

Dubai and Abu Dhabi markets hit lowest levels this month



A rally in Chinese equities was unable to prevent a sell-off in the Arabian Gulf, with markets ending in negative territory.

The Shanghai Composite closed up 1.5 per cent, following a 3 per cent slide on Wednesday. The benchmark Kospi in Seoul ended lower on disappointing earnings data from Samsung Engineering, with the shares closing down 19 per cent at 25,900 won. The stock has fallen 32 per cent this year.

The Chinese bounce did little to reassure UAE investors, with bourses in Abu Dhabi and Dubai both closing down 1 per cent and hitting their lowest levels this month.

“Markets are lacking in momentum, with everyone fairly reluctant to trust signs of potential upside,” said Julian Bruce, the head of institutional trading at EFG-Hermes in Dubai.

“The rally in China seems lacking in conviction, so the natural reaction from investors is to trim their positions further, which was what we saw today.”

The Dubai Financial Market General Index closed down 1 per cent at 3,588.49.

Shares in DFM and Dubai Investments were among the hardest hit, closing down 3 and 2.9 per cent, respectively.

The index heavyweight Emaar Properties lost 0.9 per cent at Dh6.6.

Property stocks bore the brunt of a sell-off on the Abu Dhabi Securities Exchange General Index, which closed 1 per cent lower at 4,485.40.

Aldar Properties closed down 3.2 per cent at Dh2.35, the lowest in more than five weeks, while Eshraq Properties finished down 1.4 per cent at 67 fils.

Saudi Arabia once again led losses across the region, with the Tadawul All Share Index closing down TKT per cent at tTKT.

jeverington@thenational.ae

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Company: Bidzi

● Started: 2024

● Founders: Akshay Dosaj and Asif Rashid

● Based: Dubai, UAE

● Industry: M&A

● Funding size: Bootstrapped

● No of employees: Nine

Key figures in the life of the fort

Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.

Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.

Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.

Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.

Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.

Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.

Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.

Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.

Sources: Jayanti Maitra, www.adach.ae

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Director: Laila Abbas

Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum

Rating: 4/5

The specs
Engine: 2.7-litre 4-cylinder Turbomax
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Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
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MATCH INFO

Uefa Champions League semi-final, first leg

Barcelona v Liverpool, Wednesday, 11pm (UAE).

Second leg

Liverpool v Barcelona, Tuesday, May 7, 11pm

Games on BeIN Sports

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Amazon Prime

Four stars

The specs

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FINAL SCORES

Fujairah 130 for 8 in 20 overs

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Sharjah 131 for 8 in 19.3 overs

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SERIE A FIXTURES

Friday Sassuolo v Torino (Kick-off 10.45pm UAE)

Saturday Atalanta v Sampdoria (5pm),

Genoa v Inter Milan (8pm),

Lazio v Bologna (10.45pm)

Sunday Cagliari v Crotone (3.30pm) 

Benevento v Napoli (6pm) 

Parma v Spezia (6pm)

 Fiorentina v Udinese (9pm)

Juventus v Hellas Verona (11.45pm)

Monday AC Milan v AS Roma (11.45pm)

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Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla

Director: Raed Zeno

Rating: 4/5

UAE v United States, T20 International Series

Both matches at ICC Academy, Dubai. Admission is free.

1st match: Friday, 2pm

2nd match: Saturday, 2pm

UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Rameez Shahzad, Amjad Gul, CP Rizwan, Mohammed Boota, Abdul Shakoor, Ahmed Raza, Imran Haider, Sultan Ahmed, Zahoor Khan, Amir Hayat

USA squad: Saurabh Netravalkar (captain), Jaskaran Malhotra, Elmore Hutchinson, Aaron Jones, Nosthush Kenjige, Ali Khan, Jannisar Khan, Xavier Marshall, Monank Patel, Timil Patel, Roy Silva, Jessy Singh, Steven Taylor, Hayden Walsh

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UAE-based players

Goodlands Riders: Jamshaid Butt, Ali Abid, JD Mahesh, Vibhor Shahi, Faizan Asif, Nadeem Rahim

Rose Hill Warriors: Faraz Sheikh, Ashok Kumar, Thabreez Ali, Janaka Chathuranga, Muzammil Afridi, Ameer Hamza

Joker: Folie a Deux

Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

Director: Todd Phillips 

Rating: 2/5


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