UAE markets continued their downwards trajectory following a trimmed Federal budget and flat third-quarter earnings.
The Abu Dhabi Securities Exchange General Index experienced its largest one-day fall in seven weeks, losing 1.3 per cent at 4,413.96.
Dubai's headline index fell 1.2 per cent at 3,553.03, its lowest close in nearly seven weeks. "Markets are still experiencing negative momentum from earnings around the region," said Muhammad Shabbir, the head of equity funds and portfolios at Rasmala Investment Bank in Dubai.
“Some of the banks have put out some pretty negative results, indicating broader changes with regard to liquidity and the lending market affecting the banking sector as a whole,” he said.
Union National Bank earlier this week announced a 12.4 per cent fall in its third-quarter profits. Emirates NBD, NBAD, FGB and DIB are all expected to release earnings later this week.
The UAE’s Cabinet on Sunday approved a trimmed Federal budget – representing about 13 per cent of all government expenditure – of Dh48.5 billion for next year, down 1.1 per cent from this year.
“The budget numbers are now out and may clear the air a bit, but it’s difficult to adopt a positive outlook in the current scenario,” Mr Shabbir said.
Dubai Investments and Union Properties were among the hardest hit big names in Dubai, ending the day down 2.9 and 2.7 per cent, respectively.
In Abu Dhabi, Aldar Properties had its worst day in nearly eight weeks, closing down 4.6 per cent at Dh2.25, while Dana Gas closed down 4 per cent at 48 fils apiece.
jeverington@thenational.ae
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Know your camel milk:
Flavour: Similar to goat’s milk, although less pungent. Vaguely sweet with a subtle, salty aftertaste.
Texture: Smooth and creamy, with a slightly thinner consistency than cow’s milk.
Use it: In your morning coffee, to add flavour to homemade ice cream and milk-heavy desserts, smoothies, spiced camel-milk hot chocolate.
Goes well with: chocolate and caramel, saffron, cardamom and cloves. Also works well with honey and dates.
Rashid & Rajab
Director: Mohammed Saeed Harib
Stars: Shadi Alfons, Marwan Abdullah, Doaa Mostafa Ragab
Two stars out of five
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Five hymns the crowds can join in
Papal Mass will begin at 10.30am at the Zayed Sports City Stadium on Tuesday
Some 17 hymns will be sung by a 120-strong UAE choir
Five hymns will be rehearsed with crowds on Tuesday morning before the Pope arrives at stadium
‘Christ be our Light’ as the entrance song
‘All that I am’ for the offertory or during the symbolic offering of gifts at the altar
‘Make me a Channel of your Peace’ and ‘Soul of my Saviour’ for the communion
‘Tell out my Soul’ as the final hymn after the blessings from the Pope
The choir will also sing the hymn ‘Legions of Heaven’ in Arabic as ‘Assakiroo Sama’
There are 15 Arabic speakers from Syria, Lebanon and Jordan in the choir that comprises residents from the Philippines, India, France, Italy, America, Netherlands, Armenia and Indonesia
The choir will be accompanied by a brass ensemble and an organ
They will practice for the first time at the stadium on the eve of the public mass on Monday evening
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Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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
THREE
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Read more from Aya Iskandarani
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
Four-day collections of TOH
Day Indian Rs (Dh)
Thursday 500.75 million (25.23m)
Friday 280.25m (14.12m)
Saturday 220.75m (11.21m)
Sunday 170.25m (8.58m)
Total 1.19bn (59.15m)
(Figures in millions, approximate)
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
