UAE shares continued their slide in line with other emerging markets, in spite of the US Federal Reserve’s decision to keep interest rates on hold.
The FTSE Emerging Markets Index was trading more than 1 per cent lower in the afternoon as relief over the Fed move was trumped by concerns over the prospect of Britain voting to exit the European Union next week.
The Euro Stoxx 50 and London’s FTSE 100 were both down by 0.7 per cent .
Concerns over the global economic outlook weighed on oil prices as Brent futures fell below the US$49 per barrel mark for the first time in more than three weeks.
Shares in Dubai led losses across the Arabian Gulf, ending 0.5 per cent lower at 3,307.72, dragged lower by DIB, Damac Properties and Emirates NBD.
The benchmark heavyweight Emaar Properties fell 0.3 per cent to Dh6.24, even as Moody’s raised the developer’s ratings to investment-grade status because of its “strong credit metrics and business resilience”.
Mashreq was the pick of just five gainers in Dubai, with the traditionally illiquid stock rising 4.2 per cent to Dh73 in the first day the equity has traded in more than three weeks.
In the capital, the Abu Dhabi Securities Exchange General Index ended the day 0.4 per cent lower at 4,322.18.
NBAD and FGB closed down 2.6 and 0.4 per cent respectively, ahead of reports that the banks are in talks to merge.
Saudi Arabia’s Tadawul All Share Index ended the day down 0.3 per cent, while the Qatar Exchange Index closed 0.2 per cent higher.
jeverington@thenational.ae
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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.
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
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
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