Dubai's stock market rose yesterday but was slowed by Drake & Scull International (DSI) after the emirate's second-biggest contracting company reported a big drop in second-quarter profit.
DSI's shares fell 0.9 per cent to 91 fils. The share price fell by as much as 4.5 per cent during the session.
The Dubai Financial Market (DFM) General Index rose 0.09 per cent to 1,578.98. Emirates NBD was up 0.6 per cent to Dh3.02.
Drake & Scull "was able to recover its losses during the session," said Nabil Al Rantisi, the managing director brokerage at Menacorp Finance. "Investors think that this is a good company that is cash rich but speculators were taking advantage of the news to depress prices to get a better deal. The stock was in an uptrend, that dip was a good place to buy."
DSI's shares have risen 21 per cent so far this year.
The Abu Dhabi Securities Exchange General Index closed 0.1 per cent higher to 2,556.96, continuing a run of consecutive gains.
The UAE stock exchanges will be closed starting this Friday through to the 4th of Shawwal next week for the Eid Al Fitr holiday, the Securities and Commodities Authoritysaid in a statement on its website.
Elsewhere in the region, Kuwait's measure added 0.2 per cent to 5,713.28; Bahrain's index gained 0.3 per cent to 1,080.00; and Qatar's QE Index was little changed, up 0.03 per cent, to 8421.08.
The Saudi Tadawul All-Share Index was up 0.51 per cent to 7,003.79.
halsayegh@thenational.ae
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Explainer: Tanween Design Programme
Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.
The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.
It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.
The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.
Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”
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What is a black hole?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
