Dubai's stocks fell to their lowest since 2004 yesterday, with the UAE defying a brightening outlook on world and regional markets.
The Dubai Financial Market General Index fell 1.8 per cent to 1,335.87.
The Abu Dhabi Securities Exchange General Index declined 1.2 per cent to 2,343.25, extending an eight-day losing streak.
Rumours and speculation were rife as traders struggled to make sense of a drop in share prices without any fundamental reason, said Ali Khan, the head of Mena equity sales at Royal Bank of Scotland.
"There's not a theme or a catalyst out there in recent days to explain the sudden underperformance that's happening in the UAE," he said.
Liquidations of portfolios and derisking ahead of the end of the year were the most likely explanation for the recent sell-off, he added. Aldar Properties' shares closed 3.5 per cent lower at 82 fils each after the company denied it was seeking to delist.
Meanwhile, speculation about an impending takeover of Amlak Finance by Emirates NBD sent the Dubai-based lender's shares down 1.6 per cent to Dh3 each.
Arabtec shares retreated from a 13-month high this week, sliding 3 per cent to Dh1.60 each. The stock has now fallen 8 per cent since Monday. European stocks rose as European Central Bank efforts to supply fresh liquidity to the banking system began.
Oil prices rose sharply following improved economic data from the US yesterday. Brent futures gained 78 cents to US$108.41 a barrel.
Elsewhere in the Gulf, Qatar and Oman were flat, while Kuwait and Bahrain fell. Saudi Arabia's Tadawul All-Share Index rose 0.5 per cent.
ghunter@thenational.ae
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
Wenger's Arsenal reign in numbers
1,228 - games at the helm, ahead of Sunday's Premier League fixture against West Ham United.
704 - wins to date as Arsenal manager.
3 - Premier League title wins, the last during an unbeaten Invincibles campaign of 2003/04.
1,549 - goals scored in Premier League matches by Wenger's teams.
10 - major trophies won.
473 - Premier League victories.
7 - FA Cup triumphs, with three of those having come the last four seasons.
151 - Premier League losses.
21 - full seasons in charge.
49 - games unbeaten in the Premier League from May 2003 to October 2004.
