Gulf equities closed in the red across the board yesterday, tracking further declines in oil prices amid mounting worries of weakening global demand.
The Dubai Financial Market General Index closed down 0.7 per cent at 1,680.52, giving up the slight gains from Thursday after news that major creditors had agreed to a debt restructuring deal with Dubai World.
Trade volumes yesterday remained under 100 million shares, indicating weak investor sentiment.
"There is no news and nothing wrong with the market fundamentally," said Mohammed Ali Yasin, the managing director at Shuaa Securities. "More than oil, it is the negative sentiment which is pulling the markets lower."
Gulf Finance House was among the major losers, declining more than 9 per cent to 59 fils. Emaar Properties retreated 1.3 per cent to Dh3.69 and accounted for the bulk of trade value. Deyaar Development closed 2.3 per cent lower at 38 fils.
Light, sweet crude for July delivery settled down 76 US cents, or 1.1 per cent, to finish at $70.04 a barrel on the New York Mercantile Exchange on Friday.
The Abu Dhabi Securities Exchange General Index declined 0.8 per cent to 2,758.35, with property and banking stocks leading the drop. Aldar Properties and Sorouh Real Estate declined 2.5 per cent and 1.3 per cent to Dh3.57 and Dh2.22, respectively.
Abu Dhabi Commercial Bank ended down 2.7 per cent at Dh1.78. Yazan Abdeen, a fund manager at ING Investment, said the market was oversold and there were "select buying opportunities available".
Elsewhere in the region, Qatar's main measure ended down 1.5 per cent. Kuwait recovered some of its early losses and closed 0.9 per cent lower. Muscat's index dropped 1 per cent, while Bahrain shares fell 0.5 per cent.
skhan@thenational.ae
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
CONFIRMED%20LINE-UP
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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
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Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
THE%C2%A0SPECS
%3Cp%3EEngine%3A%204-cylinder%202.5-litre%20%2F%202-litre%20turbo%0D%3Cbr%3EPower%3A%20188hp%20%2F%20248hp%0D%3Cbr%3ETorque%3A%20244Nm%20%2F%20370Nm%0D%3Cbr%3ETransmission%3A%207-speed%20auto%0D%3Cbr%3EOn%20sale%3A%20now%0D%3Cbr%3EPrice%3A%20From%20Dh110%2C000%0D%3C%2Fp%3E%0A
The specs
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ZAYED SUSTAINABILITY PRIZE
OPTA'S PREDICTED TABLE
1. Liverpool 101 points
2. Manchester City 80
3. Leicester 67
4. Chelsea 63
5. Manchester United 61
6. Tottenham 58
7. Wolves 56
8. Arsenal 56
9. Sheffield United 55
10. Everton 50
11. Burnley 49
12. Crystal Palace 49
13. Newcastle 46
14. Southampton 44
15. West Ham 39
16. Brighton 37
17. Watford 36
18. Bournemouth 36
19. Aston Villa 32
20. Norwich City 29
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
LA LIGA FIXTURES
Thursday (All UAE kick-off times)
Sevilla v Real Betis (midnight)
Friday
Granada v Real Betis (9.30pm)
Valencia v Levante (midnight)
Saturday
Espanyol v Alaves (4pm)
Celta Vigo v Villarreal (7pm)
Leganes v Real Valladolid (9.30pm)
Mallorca v Barcelona (midnight)
Sunday
Atletic Bilbao v Atletico Madrid (4pm)
Real Madrid v Eibar (9.30pm)
Real Sociedad v Osasuna (midnight)
Read more from Kareem Shaheen
If you go
The flights Etihad (www.etihad.com) and Spice Jet (www.spicejet.com) fly direct from Abu Dhabi and Dubai to Pune respectively from Dh1,000 return including taxes. Pune airport is 90 minutes away by road.
The hotels A stay at Atmantan Wellness Resort (www.atmantan.com) costs from Rs24,000 (Dh1,235) per night, including taxes, consultations, meals and a treatment package.
Sri Lanka v England
First Test, at Galle
England won by 211
Second Test, at Kandy
England won by 57 runs
Third Test, at Colombo
From Nov 23-27
UAE currency: the story behind the money in your pockets
