UAE equities ended down on Tuesday in line with international stock markets, as weak Chinese manufacturing data hit global investor sentiment.
Abu Dhabi's headline share index led losses across the Arabian Gulf region, ending the day down 2.6 per cent at 4,375.24.
Eshraq Properties and Aldar Properties were among the worst affected stocks on the index, both closing down 4.7 per cent.
The Dubai Financial Market General Index ended in the red for its second consecutive day, closing down 2.1 per cent at 3,584.59 on a thin day of trade.
Arabtec and Emaar Properties bore much of the brunt of the sell-off, falling 4.5 per cent and 3.4 per cent, respectively, on the day.
“Everyone was watching the Chinese PMI numbers, which are looking really negative at this stage,” said Tariq Qaqish, the head of asset management at Al Mal Capital in Dubai.
The Chinese manufacturing purchasing managers’ index (PMI) fell to a three-year low of 49.7 last month, down from 50 in July, with numbers below 50 implying a contraction in manufacturing activity.
The news hit the Asian and international markets hard, with the Nikkei falling 3.8 per cent and Hong Kong’s Hang Seng closing down 2.2 per cent.
jeverington@thenational.ae
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Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
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.
How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.
• For more information visit the library network's website.