Shares in the UAE shed early gains to finish slightly in the red yesterday, even as global stocks rose and oil prices rebounded.
Brent crude futures were up 63 cents at US$38.50 per barrel late yesterday afternoon, on comments from Kuwait’s Opec governor suggesting that major oil producers would agree to freeze oil production without Iran if necessary.
The recovery in oil prices had a stabilising effect on most major global stock indexes. South Korea’s Kospi closed up 0.4 per cent, while the Nikkei slipped 0.1 per cent. The Euro Stoxx 50 was trading up 0.1 per cent late yesterday afternoon.
The Dubai Financial Market General Index rose by 0.9 per cent in early trading, before shedding gains to close down 0.5 per cent at 3,351.33.
Big names Emirates NBD and Emaar Properties acted as the main anchors on the index, falling 1.4 and 0.8 per cent, respectively. Shuaa Capital was once again the pick of the gainers, rising 4.6 per cent to 68 fils, its highest level since June.
Abu Dhabi's headline index ended the day down 0.2 per cent at 4,299.35, thanks to a late sell-off of banking stocks.
ADCB ended the day down 2.7 per cent at Dh6.32, while NBAD closed 2.3 per cent lower at Dh8.70. Etisalat shares led gainers, closing up 0.8 per cent at Dh18.
jeverington@thenational.ae
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AGL AWARDS
Golden Ball - best Emirati player: Khalfan Mubarak (Al Jazira)
Golden Ball - best foreign player: Igor Coronado (Sharjah)
Golden Glove - best goalkeeper: Adel Al Hosani (Sharjah)
Best Coach - the leader: Abdulaziz Al Anbari (Sharjah)
Fans' Player of the Year: Driss Fetouhi (Dibba)
Golden Boy - best young player: Ali Saleh (Al Wasl)
Best Fans of the Year: Sharjah
Goal of the Year: Michael Ortega (Baniyas)
Company%20profile
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47