Middle East stock markets from Egypt to Lebanon ended in the red yesterday, taking cues from global markets, amid investor concern over Greece's possible exit from the euro zone and as oil fell to below US$94 a barrel.
"Europe is going back to uncertainty and Greece is putting pressure on the markets," said Fadi Al Said, a senior fund manager at ING Investment Management in Dubai. "Oil is also weighing on our regional markets, but we are still doing better than Europe."
In the UAE, the Dubai Financial Market General Index was down 0.4 per cent to 1,481.95 points, while the Abu Dhabi Securities Exchange General Index was flat at 2,473.
Oil declined 2 per cent to trade at $94.14 a barrel in New York. The Palestinian Territories' PSE Index was the only regional gainer yesterday, up 0.2 per cent to close at 462.96.
In Europe, the UK's FTSE 100 Index fell 1.8 per cent to 5,473.80 in afternoon trading and Germany's DAX lost 2 per cent to 6,446.06. The declines were ahead of a planned evening meeting in Brussels, where finance ministers were expected to discuss Greece's unravelling debt crisis and a possible bailout, Bloomberg News reported.
Kuwait's measure fell 0.2 per cent to 6,432.28. Bahrain slipped 0.2 per cent to 1,156.69. Oman fell 1.4 per cent to 5,654.32. Qatar lost 0.5 per cent to 8,489.10. Lebanon and Morocco each slipped 0.1 per cent to 1,176.88 and 1,0226.80, respectively. Egypt's EGX 30 lost 0.5 per cent to 5,053.56. Jordan fell 0.6 per cent to 1,947.92. The Saudi Tadawul All-Share Index fell 1.6 per cent to 7,067.99.
halsayegh@thenational.ae
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How to protect yourself when air quality drops
Install an air filter in your home.
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Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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Rating: 3/5
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'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
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UAE currency: the story behind the money in your pockets
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Generational responses to the pandemic
Devesh Mamtani from Century Financial believes the cash-hoarding tendency of each generation is influenced by what stage of the employment cycle they are in. He offers the following insights:
Baby boomers (those born before 1964): Owing to market uncertainty and the need to survive amid competition, many in this generation are looking for options to hoard more cash and increase their overall savings/investments towards risk-free assets.
Generation X (born between 1965 and 1980): Gen X is currently in its prime working years. With their personal and family finances taking a hit, Generation X is looking at multiple options, including taking out short-term loan facilities with competitive interest rates instead of dipping into their savings account.
Millennials (born between 1981 and 1996): This market situation is giving them a valuable lesson about investing early. Many millennials who had previously not saved or invested are looking to start doing so now.
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