Shares in Abu Dhabi suffered their worst day in over a year, as FGB and NBAD went ex-dividend. Dubai shares also fell.
Lower oil prices drove Saudi stocks lower, with most other bourses across the Arabian Gulf finishing higher.
The Abu Dhabi Securities Exchange General Index fell 2.9 per cent to a one-month low of 4,457.30, making it one of the day’s worst performing indexes worldwide.
FGB and NBAD led the sell-off, closing down 8.7 per cent and 4.2 per cent, respectively, after the two stocks went ex-dividend. ADCB and UNB also declined.
Aldar Properties led just four gainers in Abu Dhabi, rising 0.9 per cent to Dh2.37.
Dana Gas shares remained unchanged at 44 fils, after the energy firm said that independent consultants had determined a maximum potential net value of US$29 billion for its key assets in the UAE, Iraq and Egypt.
Shares in Dubai finished 0.3 per cent lower at 3,520.17, as investors booked profits.
DXB Entertainments, which gained 6.1 per cent on Wednesday, lost 4.7 per cent yesterday. DIB finished 0.9 per cent lower at Dh5.44.
Damac Properties and Aramex were the pick of five gainers, finishing up 2.1 per cent and 2.8 per cent. Emaar Properties regained ground after two straight days of losses, finishing up 0.1 per cent.
Oil prices continued their slide, as concerns over rising US inventories persisted. Brent crude futures fell as much as 2.8 per cent to US$52.29 per barrel in late afternoon trading.
Saudi shares tracked oil prices lower in the late afternoon, with the Tadawul eventually closing down 0.7 per cent. Sabic and Savola were among the main stocks impacted.
jeverington@thenational.ae
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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
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.
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Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Bikes, skateboards or scooters
UAE currency: the story behind the money in your pockets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills