UAE stocks declined yesterday as limited news and lacklustre volumes did little to entice investors.
Analysts said lower volumes were probably a result of many investors travelling before Ramadan.
"The trend is towards the downside as volumes decrease," said Haissam Arabi, the chief executive of Gulfmena Investments in Dubai.
The Abu Dhabi Securities Exchange General Index fell 0.2 per cent to 2,687.17 points as 26 million shares changed hands, compared with a daily average of 77 million over the past six months.
The Dubai Financial Market General Index declined 0.1 per cent to 1,520.47 points as 52 million shares were traded, compared with a daily average of 133 million during the past six months. Qatar's benchmark rose 0.1 per cent to 8,403.09 points, led by banking stocks as the country's central bank said the loan book was up 5.4 per cent last month compared with May. Loans were also 14.3 per cent ahead of the same period last year.
"The public sector continues to be the key growth engine and is showing some signs of pickup towards the second half of the year," said Jaap Meijer, a banking analyst at AlembicHC in Dubai.
Elsewhere in the region: Kuwait's bourse was unchanged at 6,080.40 points; Bahrain's index fell 0.3 per cent to 1,298.35 points; and Qatar's benchmark rose 0.1 per cent to 8,403.09 points. The Saudi Tadawul All-Share Index was up 0.04 per cent at 6,525.34.
halsayegh@thenational.ae
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Match info
Uefa Champions League Group B
Barcelona v Tottenham Hotspur, midnight
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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What She Ate: Six Remarkable Women & the Food That Tells Their Stories
Laura Shapiro
Fourth Estate
Company%20Profile
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The specs: 2019 GMC Yukon Denali
Price, base: Dh306,500
Engine: 6.2-litre V8
Transmission: 10-speed automatic
Power: 420hp @ 5,600rpm
Torque: 621Nm @ 4,100rpm
Fuel economy, combined: 12.9L / 100km
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now