Shares across the Arabian Gulf finished slightly lower, but were largely unaffected by the political jitters affecting global bourses.
Indexes in Asia and Europe fell sharply amid the growing controversy surrounding the US president Donald Trump. The Nikkei closed 1.3 per cent lower, with the Euro Stoxx 50 down 1.1 per cent in the late afternoon.
The futures markets predicted fresh falls for US stocks, which had their worst day in eight months on Wednesday.
Stocks in the Arabian Gulf by contrast finished relatively unscathed. Bloomberg’s GCC 200, which tracks stocks across the region, closed just 0.2 per cent lower, ending the week up 0.9 per cent, even as oil prices retreated towards early-week levels.
“Over the past week, oil was on a bit of a rip, but GCC markets didn’t really respond all that positively,” said Julian Bruce, the head of institutional trading at EFG Hermes in Dubai. “So when oil and other markets came off the boil there wasn’t as much pressure on local stocks, with profit-taking more pronounced elsewhere.”
Shares in Dubai gave up Wednesday’s gains, closing down 0.5 per cent at 3,378.02, dragged lower by Emaar Properties and DXB Entertainments. Drake & Scull International and Marka resumed their downward trend, closing down 2.7 per cent and 0.1 per cent, respectively.
The Abu Dhabi Securities Exchange General Index ended the day down 0.3 per cent at 4,581.30, on the exchange’s quietest trading day in seven months. Shares in Dana Gas were unchanged at 42 fils, after it announced it had received payment of 18 per cent of its outstanding receivables from the Egypt government.
jeverington@thenational.ae
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On Instagram: @WithHopeUAE
Although social media can be harmful to our mental health, paradoxically, one of the antidotes comes with the many social-media accounts devoted to normalising mental-health struggles. With Hope UAE is one of them.
The group, which has about 3,600 followers, was started three years ago by five Emirati women to address the stigma surrounding the subject. Via Instagram, the group recently began featuring personal accounts by Emiratis. The posts are written under the hashtag #mymindmatters, along with a black-and-white photo of the subject holding the group’s signature red balloon.
“Depression is ugly,” says one of the users, Amani. “It paints everything around me and everything in me.”
Saaed, meanwhile, faces the daunting task of caring for four family members with psychological disorders. “I’ve had no support and no resources here to help me,” he says. “It has been, and still is, a one-man battle against the demons of fractured minds.”
In addition to With Hope UAE’s frank social-media presence, the group holds talks and workshops in Dubai. “Change takes time,” Reem Al Ali, vice chairman and a founding member of With Hope UAE, told The National earlier this year. “It won’t happen overnight, and it will take persistent and passionate people to bring about this change.”
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
Fixtures
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Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
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The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now