The Abu Dhabi Securities Exchange crept higher this morning, led by banks and telecommunications, as investors bought up shares on the first trading day since the start of Ramadan.
First Gulf Bank, the lender controlled by Abu Dhabi's ruling family, advanced 1.4 per cent to Dh8.65. Abu Dhabi Islamic Bank, the country's second biggest Shariah-compliant bank, rose 0.6 per cent to Dh3.11.
Telecommunications operator Etisalat, which holds the largest weighting on the emirate's index, gained 0.4 per cent to Dh9.11. The Abu Dhabi Securities Exchange General Index gained 0.1 per cent to 2470.33 points.
Investors typically position their portfolios ahead of second quarter results and a so-called "Ramadan rally", which traditionally occurs towards the end of the holy month every year.
On the Dubai Financial Market exchange, Emaar Properties gained 0.6 per cent to Dh3.28. Arabtec Holding, the emirate's largest contractor, added 0.3 per cent to Dh3.00.
The Dubai Financial Market General Index slipped 0.1 per cent to 1532.96 points.
Elsewhere in the region, Kuwait's measure lost 0.4 per cent to 5813.62 points. Bahrain's index added 0.1 per cent to 5439.01 points. Qatar's QE Index was little changed, down 0,05 per cent, to 8277.39 points.
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The biog
Age: 23
Occupation: Founder of the Studio, formerly an analyst at Cleveland Clinic Abu Dhabi
Education: Bachelor of science in industrial engineering
Favourite hobby: playing the piano
Favourite quote: "There is a key to every door and a dawn to every dark night"
Family: Married and with a daughter
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THE SPECS
Engine: 1.5-litre, four-cylinder turbo
Transmission: seven-speed dual clutch automatic
Power: 169bhp
Torque: 250Nm
Price: Dh54,500
On sale: now
Neymar's bio
Total club appearances 411
Total goals scored 241
Appearances for Barca 186
Goals scored for Barca 105
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances