UAE stocks fell on Thursday for a second day in a row on profit-taking, shrugging off a global equities rally and oil price increases.
Markets from Germany to China rose even as the yuan fell for a third day in a row. China devalued its currency on Tuesday, pushing Asian stock markets into the red amid investor fears of a currency war and impact of the currency devaluation on the global economy.
Equities reversed some of Wednesday’s losses, with Germany’s DAX rising 1.97 per cent, while the FTSE 100 gained 0.78 per cent in afternoon trading. People’s Bank of China assuaged investor fears over the yuan’s freefall and continued depreciation.
Emerging markets edged up after a two-day slide, with China’s Shanghai Composite Index closing up 1.76 per cent and Japan’s Nikkei 225 gaining 0.99 per cent.
In the UAE, the Dubai Financial Market General Index slipped 0.9 per cent to 3,985.4, led by real estate and construction stocks.
The mortgage lender Amlak Finance declined 1.8 per cent to Dh2.17.
It reported yesterday an 87 per cent drop in second-quarter profit as financing, investments and deposits income fell and amortization costs rose.
The Dubail Mall owner Emaar Properties fell 1.8 per cent to Dh7.49, while developer Deyaar lost 1.6 per cent to Dh0.768. Bahrain-based Islamic investment bank Gulf Finance House was the most active stock by volume, dropping 2.1 per cent to Dh0.715. It reported a 38 per cent decline in second quarter net profit on Wednesday.
“People are booking some gains,” said Muhammad Shabbir, the Dubai-based head of equities and portfolios at Rasmala Investment Bank. “Amlak results were bad and may have had a bearing on the market.”
The Abu Dhabi Securities Exchange General Index slipped 0.7 per cent to 4,730.27, led by investment and financial services stocks.
The Abu Dhabi investment firm Waha Capital fell 2.4 per cent to Dh2.42 after it reported an 85 per cent drop in second quarter net profit due to a one-off gain booked in last year’s second quarter.
“Most of the results have been published and there is really not much people can play for, particularly while the macro [environment] and the externalities are negative,” said Sanyalak Manibhandu, a research manager at NBAD Securities in Abu Dhabi.
dalsaadi@thenational.ae
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LIVING IN...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
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Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
Specs
Engine: 3.0L twin-turbo V6
Gearbox: 10-speed automatic
Power: 405hp at 5,500rpm
Torque: 562Nm at 3,000rpm
Fuel economy, combined: 11.2L/100km
Price: From Dh292,845 (Reserve); from Dh320,145 (Presidential)
On sale: Now
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Killing of Qassem Suleimani
Bert van Marwijk factfile
Born: May 19 1952
Place of birth: Deventer, Netherlands
Playing position: Midfielder
Teams managed:
1998-2000 Fortuna Sittard
2000-2004 Feyenoord
2004-2006 Borussia Dortmund
2007-2008 Feyenoord
2008-2012 Netherlands
2013-2014 Hamburg
2015-2017 Saudi Arabia
2018 Australia
Major honours (manager):
2001/02 Uefa Cup, Feyenoord
2007/08 KNVB Cup, Feyenoord
World Cup runner-up, Netherlands
Virtuzone GCC Sixes
Date and venue Friday and Saturday, ICC Academy, Dubai Sports City
Time Matches start at 9am
Groups
A Blighty Ducks, Darjeeling Colts, Darjeeling Social, Dubai Wombats; B Darjeeling Veterans, Kuwait Casuals, Loose Cannons, Savannah Lions; C Awali Taverners, Darjeeling, Dromedary, Darjeeling Good Eggs
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
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Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
