Banking stocks led UAE markets lower yesterday, and trading remained subdued as many investors remained away for the holidays.
"It feels like almost 50 per cent of the people aren't here," said Fadi al Said, a fund manager at ING Investment management in Dubai. "Nobody is around. Those who are here are not willing to take any bets at the year's end."
The Abu Dhabi Securities Exchange General Index fell 0.3 per cent to 2,693.89, while the Dubai Financial Market General Index declined 0.9 per cent to 1,603.42.
Trading volumes were sharply down. "Its a seasonal impact. People are on holiday, and when markets are shallow they tend to go down," Mr al Said said. Banking stocks in Abu Dhabi and Dubai led the decline after the Central Bank told lenders to increase provisions up to 80 per cent on their exposure to the Saad and Al Gosaibi groups of Saudi Arabia.
Abu Dhabi-listed banks fell 0.9 per cent, with National Bank of Umm Al Qaiwain (NBQ) experiencing the biggest price drop, 4.5 per cent to Dh1.90.
More than 11 million shares in the usually thinly traded stock changed hands in only 15 transactions.
Dubai-listed banks fell 1.2 per cent, with Emirates NBD falling 4.8 per cent to Dh2.75.
Elsewhere in the region, Kuwait's index rose 0.1 per cent to 6,918.50, Bahrain's lost 0.1 per cent to 1,426.34, Oman's rose 0.5 per cent to 6,753.62, and Qatar's declined 0.1 per cent to 8,720.61.
The Saudi Tadawul All-Share Index slipped 0.3 per cent to 6,588.24.
halsayegh@thenational.ae
MATCH INFO
Red Star Belgrade v Tottenham Hotspur, midnight (Thursday), UAE
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
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Cricket World Cup League 2 Fixtures
Saturday March 5, UAE v Oman, ICC Academy (all matches start at 9.30am)
Sunday March 6, Oman v Namibia, ICC Academy
Tuesday March 8, UAE v Namibia, ICC Academy
Wednesday March 9, UAE v Oman, ICC Academy
Friday March 11, Oman v Namibia, Sharjah Cricket Stadium
Saturday March 12, UAE v Namibia, Sharjah Cricket Stadium
UAE squad
Ahmed Raza (captain), Chirag Suri, Muhammad Waseem, CP Rizwan, Vriitya Aravind, Asif Khan, Basil Hameed, Rohan Mustafa, Kashif Daud, Zahoor Khan, Junaid Siddique, Karthik Meiyappan, Akif Raja, Rahul Bhatia
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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DMZ facts
- The DMZ was created as a buffer after the 1950-53 Korean War.
- It runs 248 kilometers across the Korean Peninsula and is 4km wide.
- The zone is jointly overseen by the US-led United Nations Command and North Korea.
- It is littered with an estimated 2 million mines, tank traps, razor wire fences and guard posts.
- Donald Trump and Kim Jong-Un met at a building in Panmunjom, where an armistice was signed to stop the Korean War.
- Panmunjom is 52km north of the Korean capital Seoul and 147km south of Pyongyang, North Korea’s capital.
- Former US president Bill Clinton visited Panmunjom in 1993, while Ronald Reagan visited the DMZ in 1983, George W. Bush in 2002 and Barack Obama visited a nearby military camp in 2012.
- Mr Trump planned to visit in November 2017, but heavy fog that prevented his helicopter from landing.
The five pillars of Islam
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A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
FROM%20THE%20ASHES
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