Bourses in Dubai and Abu Dhabi fell out of step with emerging markets yesterday as investors sold off banking stocks.
Mashreq was the biggest loser on the Dubai Financial Market General Index as it fell 10 per cent to Dh5.40 per share. The overall index dipped 0.11 per cent to 1,874.50.
"On Tuesday the market was down too far so today was a return to normal," said Khaldoun Jaradat, a trading manager at Brokerage House Securities. "Local earnings and dividends have all been driving stocks in recent days but the global market has also been a factor."
Arabtec Holding's stock also slumped 2.9 per cent to Dh2.1 per share. It was the fifth such decline since Thursday, when the builder announced it would undergo a rights issue and sell Dh1.6 billion of convertible bonds.
The Abu Dhabi Securities Exchange General Index closed 0.6 per cent lower to 3,001.95. Commercial Bank International's shares dipped 0.6 per cent to close at Dh1.49.
A total of Dh236.9 million shares were traded on the DFM, compared with a 50-day average of Dh298.7m.
In Abu Dhabi, Dh145m shares were traded, lower than the 50-day average of Dh212.2m shares.
The performance of the country's bourse was at odds with a generally positive trend elsewhere. The MSCI Emerging Markets Index rose 0.7 per cent to 1,056.96 at 5pm in Hong Kong, heading for the highest close since February 20.
Improving global sentiment has spurred record Chinese purchases of foreign currency and growth in US service industries. The gauge has increased 0.2 per cent this year, compared with a 6.5 per cent gain in the MSCI World Index of developed nations.
tarnold@thenational.ae
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
MATCH INFO
Uefa Champions League quarter-final, second leg (first-leg score):
Manchester City (0) v Tottenham Hotspur (1), Wednesday, 11pm UAE
Match is on BeIN Sports
Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EPurpl%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECo-founders%3A%20%3C%2Fstrong%3EKarl%20Naim%2C%20Wissam%20Ghorra%2C%20Jean-Marie%20Khoueir%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EHub71%20in%20Abu%20Dhabi%20and%20Beirut%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2021%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E12%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%242%20million%26nbsp%3B%3C%2Fp%3E%0A
Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EDirect%20Debit%20System%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20Sept%202017%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20with%20a%20subsidiary%20in%20the%20UK%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20Undisclosed%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Elaine%20Jones%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%208%3Cbr%3E%3C%2Fp%3E%0A
MATCH INFO
UAE Division 1
Abu Dhabi Harlequins 12-24 Abu Dhabi Saracens
Slow loris biog
From: Lonely Loris is a Sunda slow loris, one of nine species of the animal native to Indonesia, Malaysia, Thailand and Singapore
Status: Critically endangered, and listed as vulnerable on the International Union for Conservation of Nature red list due to growing demand in the global exotic pet trade. It is one of the most popular primate species found at Indonesian pet markets
Likes: Sleeping, which they do for up to 18 hours a day. When they are awake, they like to eat fruit, insects, small birds and reptiles and some types of vegetation
Dislikes: Sunlight. Being a nocturnal animal, the slow loris wakes around sunset and is active throughout the night
Superpowers: His dangerous elbows. The slow loris’s doe eyes may make it look cute, but it is also deadly. The only known venomous primate, it hisses and clasps its paws and can produce a venom from its elbow that can cause anaphylactic shock and even death in humans
The Kingfisher Secret
Anonymous, Penguin Books
The Two Popes
Director: Fernando Meirelles
Stars: Anthony Hopkins, Jonathan Pryce
Four out of five stars