Local markets were dragged down by a global sell-off yesterday on fears of slowing economic growth in China.
Deyaar Development continued to be a drag on the Dubai bourse, dropping for the third consecutive session yesterday on large volumes that remain unexplained.
With more than 147 million shares changing hands, Deyaar accounted for more than half of the day's total volume on the Dubai Financial Market (DFM). Analysts said they could not explain why the stock had suddenly attracted so much liquidity. Aabar, the Abu Dhabi Government-backed investment company fell 6 per cent as investors were kept waiting on news about the company's planned delisting.
Yesterday's 6.6 per cent decline, to 30.8 fils, effectively wiped out Deyaar's strong gains from last week. The company said yesterday its board had reviewed new developments regarding its projects and plans, without giving details. It also handed over management of the Skycourts project in Dubailand to the local company National Bonds, although neither move seems to justify such intense investor interest.
"There is probably some leak in the market. It is definitely not speculation as speculation doesn't happen on such high volumes," said Saud Masud, the head of research at the Swiss bank UBS.
The DFM General Index retreated 2.2 per cent to 1,481.82. Emaar Properties declined 3.1 per cent to Dh3.10 while Arabtec Holding retreated 2.7 per cent to Dh1.77.
The Abu Dhabi Securities Exchange General Index declined 0.8 per cent to 2,531.44, weighed down again by Aabar.
The investment company continued its losing streak, ending 6 per cent lower at Dh1.41. Aldar dropped 4 per cent to Dh2.86 and National Bank of Abu Dhabi declined 2.2 per cent to Dh10.95.
Elsewhere, Qatar dropped 1 per cent, while the Muscat and Bahrain bourses declined 0.9 and 0.3 per cent, respectively. Kuwait advanced 0.4 per cent and Saudi shares closed down 2.65 per cent.
skhan@thenational.ae
360Vuz PROFILE
Date started: January 2017
Founder: Khaled Zaatarah
Based: Dubai and Los Angeles
Sector: Technology
Size: 21 employees
Funding: $7 million
Investors: Shorooq Partners, KBW Ventures, Vision Ventures, Hala Ventures, 500Startups, Plug and Play, Magnus Olsson, Samih Toukan, Jonathan Labin
The specs
Engine: 5.0-litre V8
Power: 480hp at 7,250rpm
Torque: 566Nm at 4,600rpm
Transmission: 10-speed auto
Fuel consumption: L/100km
Price: Dh306,495
On sale: now
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
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
Tips for avoiding trouble online
- Do not post incorrect information and beware of fake news
- Do not publish or repost racist or hate speech, yours or anyone else’s
- Do not incite violence and be careful how to phrase what you want to say
- Do not defame anyone. Have a difference of opinion with someone? Don’t attack them on social media
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PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
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
What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
