UAE stocks ended the day mixed yesterday amid lacklustre trade as investors awaited signs of how the drop in oil will affect company earnings.
The benchmark Dubai Financial Market General Index rose 0.3 per cent, while the Abu Dhabi Securities Excgange General Index fell by an identical per cent.
Union Properties led the gainers on the DFM, adding 2 per cent, while Al Dhafra Insurance led the declines in the capital, dropping 10 per cent.
“The last few weeks have been extremely dull in terms of trading volumes,” said Sachin Mohindra, a portfolio manager at Invest AD, an Abu Dhabi-based asset manager. “It’s been a slow grind down. I don’t think there are any fundamental reasons for this. There’s no positive or negative trigger to make the market trend in either direction.”
“The market has been driven by retail investors, there’s not that much institutional activity,” he said. “The next trigger is the first quarter results. From now until April, there appears to be no fundamental triggers. My view for the UAE is that I don’t anticipate any slowdown this year despite the significant weakening in oil prices.”
Stocks in the Arabian Gulf took a hammering in December as the price of crude oil plummeted more than 30 per cent, with many benchmark equity indexes, including Dubai, dropping just as much before making a partial recovery.
As a result, Dubai’s main gauge pared its 2014 gains to 12 per cent and so far this year has dropped 0.6 per cent.
The UAE is the world’s eighth- biggest oil producer and the federal government funds more than 60 per cent of its budget from crude exports, while in neighbouring Saudi Arabia, the world’s largest oil exporter, the reliance is greater still.
mkassem@thenational.ae
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Opening Rugby Championship fixtures:Games can be watched on OSN Sports
Saturday: Australia v New Zealand, Sydney, 1pm (UAE)
Sunday: South Africa v Argentina, Port Elizabeth, 11pm (UAE)
Alita: Battle Angel
Director: Robert Rodriguez
Stars: Rosa Salazar, Christoph Waltz, Keean Johnson
Four stars
Other promotions
- Deliveroo will team up with Pineapple Express to offer customers near JLT a special treat: free banana caramel dessert with all orders on January 26
- Jones the Grocer will have their limited edition Australia Day menu available until the end of the month (January 31)
- Australian Vet in Abu Dhabi (with locations in Khalifa City A and Reem Island) will have a 15 per cent off all store items (excluding medications)
COMPANY%20PROFILE
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Company%20profile
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TOUR RESULTS AND FIXTURES
June 3: NZ Provincial Barbarians 7 Lions 13
June 7: Blues 22 Lions 16
June 10: Crusaders 3 Lions 12
June 13: Highlanders 23 Lions 22
June 17: Maori All Blacks 10 Lions 32
June 20: Chiefs 6 Lions 34
June 24: New Zealand 30 Lions 15
June 27: Hurricanes 31 Lions 31
July 1: New Zealand 21 Lions 24
July 8: New Zealand v Lions
Defined benefit and defined contribution schemes explained
Defined Benefit Plan (DB)
A defined benefit plan is where the benefit is defined by a formula, typically length of service to and salary at date of leaving.
Defined Contribution Plan (DC)
A defined contribution plan is where the benefit depends on the amount of money put into the plan for an employee, and how much investment return is earned on those contributions.
Specs
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Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Abu Dhabi GP weekend schedule
Friday
First practice, 1pm
Second practice, 5pm
Saturday
Final practice, 2pm
Qualifying, 5pm
Sunday
Etihad Airways Abu Dhabi Grand Prix (55 laps), 5.10pm
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
