Arab stocks ended lower but emerged relatively unscathed on Tuesday, amid a continuing slump in global markets, as fears of accelerated US interest rate hikes prompted a huge equities and bonds correction.
Shares in Dubai fell as much as 2.9 per cent in early trading – their deepest mid-session fall in over 18 months – but recovered gradually throughout the day, eventually ending 1.5 per cent lower. Saudi Arabia’s Tadawul opened off 2.1 per cent, but pared losses to close down 1.6 per cent.
“While we had some panic selling at the open, it increasingly became a case of people wanting to sit and watch rather than engage,” said Julian Bruce, head of institutional trading at the Egyptian investment bank EFG Hermes in Dubai.
“FAB [which ended 0.4 per cent lower] held up well, and Emaar Properties [which ended 1.5 per cent lower] closed up much better than people were expecting.”
Such a performance was in marked contrast to indices in Asia and Europe, which fell sharply yesterday after record selloffs in the US the day before.
Asian stocks were sharply lower on Tuesday, Japan's Nikkei closed 4.8 per cent lower, with Hong Kong stocks down 5.1 per cent. The FTSE 100 index dropped as much as 3.5 per cent.
Emerging markets outflows since January 30 have amounted to nearly $4 billion, the biggest selldown since the November 2016 US election, according to estimates from The Institute of International Finance.
Asset managers said while the sell-off has been most pronounced in markets that were overvalued, the rout may not be as bad in Middle Eastern markets that have been trading at attractive valuations.
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Read more:
Saxo Bank equity expert says too early to predict bear market
Dow Jones plunges 4.6%, wiping gains of 2018 so far
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“The inescapable reality is that a global sell-off in risk assets will have a contagious effect on the region,” Tarek Fadlallah, chief executive of Nomura Asset Management Middle East told The National. “The lack of speculative froth in the local markets and undemanding valuations may help them avoid the worst outcomes."
The Dow Jones Industrial Average erased the year's gains so far on Monday, closing down 4.6 per cent, its biggest fall in more than six years, after a strong jobs report on Friday said wages were rising at their fastest rate since 2009, prompting warnings of accelerating inflation and a year of interest rate rises ahead.
The Dow and the S&P both fell more than 2 per cent at the open on Tuesday, with the Vix volatility index – also known as Wall Street’s fear gauge – hitting the 50 mark, its highest level since China devalued its currency in August 2015.
Such falls came even as analysts highlight that fundamentals in the US economy remain sound, with falls in share prices widely expected following their recent record-breaking run.
“Corrections were to be expected in these asset classes given the sharp gains seen since January,” said Tim Fox, head of research & chief economist at Emirates NBD.
“The markets are responding to signs that the Fed may have to tighten monetary policy faster and by more than expected given rising signs of wage pressures in the US economy. The fundamentals in both markets, however, appear to be firm which suggests that these declines will eventually stabilise.”
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
The biog
Favourite books: 'Ruth Bader Ginsburg: A Life' by Jane D. Mathews and ‘The Moment of Lift’ by Melinda Gates
Favourite travel destination: Greece, a blend of ancient history and captivating nature. It always has given me a sense of joy, endless possibilities, positive energy and wonderful people that make you feel at home.
Favourite pastime: travelling and experiencing different cultures across the globe.
Favourite quote: “In the future, there will be no female leaders. There will just be leaders” - Sheryl Sandberg, COO of Facebook.
Favourite Movie: Mona Lisa Smile
Favourite Author: Kahlil Gibran
Favourite Artist: Meryl Streep
UAE currency: the story behind the money in your pockets
The five pillars of Islam
The British in India: Three Centuries of Ambition and Experience
by David Gilmour
Allen Lane
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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Tomb%20Raider%20I%E2%80%93III%20Remastered
%3Cp%3EDeveloper%3A%20Aspyr%0D%3Cbr%3EPublisher%3A%20Aspyr%0D%3Cbr%3EConsole%3A%20Nintendo%20Switch%2C%20PlayStation%204%26amp%3B5%2C%20PC%20and%20Xbox%20series%20X%2FS%0D%3Cbr%3ERating%3A%203%2F5%3C%2Fp%3E%0A
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
Timeline
1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line
1962
250 GTO is unveiled
1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company
1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens
1976
First automatic Ferrari, the 400 Automatic, is made
1987
F40 launched
1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent
2002
The Enzo model is announced
2010
Ferrari World opens in Abu Dhabi
2011
First four-wheel drive Ferrari, the FF, is unveiled
2013
LaFerrari, the first Ferrari hybrid, arrives
2014
Fiat Chrysler announces the split of Ferrari from the parent company
2015
Ferrari launches on Wall Street
2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary
Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
When is VAR used?
• Goals
• Penalty decisions
• Direct red-card incidents
• Mistaken identity
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
McLaren GT specs
Engine: 4-litre twin-turbo V8
Transmission: seven-speed
Power: 620bhp
Torque: 630Nm
Price: Dh875,000
On sale: now
'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
UAE currency: the story behind the money in your pockets
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
Without Remorse
Directed by: Stefano Sollima
Starring: Michael B Jordan
4/5
UAE currency: the story behind the money in your pockets
Pearls on a Branch: Oral Tales
Najlaa Khoury, Archipelago Books
Poacher
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The%20specs
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CRICKET%20WORLD%20CUP%20QUALIFIER%2C%20ZIMBABWE%20
%3Cp%3E%3Cstrong%3EUAE%20fixtures%20%20%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMonday%2C%20June%2019%20%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3ESri%20Lanka%20v%20UAE%2C%20Queen%E2%80%99s%20Sports%20Club%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EWednesday%2C%20June%2021%20%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EOman%20v%20UAE%2C%20Bulawayo%20Athletic%20Club%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFriday%2C%20June%2023%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EScotland%20v%20UAE%2C%20Bulawayo%20Athletic%20Club%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ETuesday%2C%20June%2027%20%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EIreland%20v%20UAE%2C%20Bulawayo%20Athletic%20Club%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
