UAE markets closed the week in the red after suffering a knock-on effect from global investor fears that the euro-zone crisis had not been completely contained.
Bourses in Europe and the United States were still trading lower after investors in Spanish debt demanded a higher risk premium for the country's bonds, indicating concern about Spain's financial health.
"The Spanish bonds [yield rise] was not a surprise, given the debt levels coming through and unemployment at almost 24 per cent," said Saleem Khokhar, the head of equities at the National Bank of Abu Dhabi.
The Dubai Financial Market (DFM) General Index lost the most in five days to end the session down 0.99 per cent at 1,686.50.
The Abu Dhabi Securities Exchange General Index closed 0.19 per cent lower at 2,558.98.
"The UAE has probably been hit hardest [among local bourses] by the fall in global markets. We've seen a little bit of frost come out, but I think the correction will be mild," said Mr Khokhar.
West Texas crude dropped US$2.54 to $101.47 on news of higher oil stockpiles in the US. The spot price of a barrel of Brent fell 8 cents to $122.38.
Shares in the Palestine Stock Exchange, which on Wednesday became only the second listed bourse in the Middle East after the DFM, remained unchanged yesterday. Its stock closed at $5.07 each at the close after falling from $5.20 on its debut.
Saudi Arabia's Tadawul All-Share Index was closed yesterday.
lmiller@thenational.ae
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Small Victories: The True Story of Faith No More by Adrian Harte
Jawbone Press
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Brief scores:
Toss: Northern Warriors, elected to field first
Bengal Tigers 130-1 (10 ov)
Roy 60 not out, Rutherford 47 not out
Northern Warriors 94-7 (10 ov)
Simmons 44; Yamin 4-4
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Essentials
The flights
Etihad (etihad.ae) and flydubai (flydubai.com) fly direct to Baku three times a week from Dh1,250 return, including taxes.
The stay
A seven-night “Fundamental Detox” programme at the Chenot Palace (chenotpalace.com/en) costs from €3,000 (Dh13,197) per person, including taxes, accommodation, 3 medical consultations, 2 nutritional consultations, a detox diet, a body composition analysis, a bio-energetic check-up, four Chenot bio-energetic treatments, six Chenot energetic massages, six hydro-aromatherapy treatments, six phyto-mud treatments, six hydro-jet treatments and access to the gym, indoor pool, sauna and steam room. Additional tests and treatments cost extra.