Dubai's benchmark yesterday fell to the lowest level in more than a month, amid lacklustre trade as investors closed their positions ahead of the weekend.
Air Arabia fell for a second day since the company went ex-dividend - the date after which the buyer of the shares will not be eligible to receive the dividend for the previous period - on Wednesday. The shares were down 3.4 per cent to 63 fils a share.
Aramex, which went ex-dividend yesterday, fell 2.2 per cent to Dh1.78. The region's biggest courier company will pay investors 5 fils per share. The Dubai Financial Market General Index lost 0.2 per cent to close at 1,638.15, the lowest since March 8. It had risen as much as 30 per cent this year.
"After a very strong run up it's not surprising to see profit-taking as we get closer to the summer," said Saleem Khokhar, the head of equities at National Bank of Abu Dhabi.
The Abu Dhabi Securities Exchange General Index lost 0.5 per cent to 2,500.22.
Investors bought shares in Oman's banks yesterday, after HSBC on Wednesday said it would merge its business in the Gulf state with Oman International Bank.
The lender rose 1.4 per cent to 0.278 Omani rials. HSBC will own 51 per cent of the merged entity, which will be renamed HSBC Bank Oman. Oman National Investment Corporation Holding, an investment banking firm, jumped 5 per cent to 0.313. Oman's MSM 30 Index was little changed at 6,004.12.
Elsewhere in the region, Kuwait's index was little changed at 6,264.60. Bahrain's measure added 0.4 per cent to 1,159.30. Qatar's QE Index lost 0.9 per cent to 8,638.92.
halsayegh@thenational.ae
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Anxiety and work stress major factors
Anxiety, work stress and social isolation are all factors in the recogised rise in mental health problems.
A study UAE Ministry of Health researchers published in the summer also cited struggles with weight and illnesses as major contributors.
Its authors analysed a dozen separate UAE studies between 2007 and 2017. Prevalence was often higher in university students, women and in people on low incomes.
One showed 28 per cent of female students at a Dubai university reported symptoms linked to depression. Another in Al Ain found 22.2 per cent of students had depressive symptoms - five times the global average.
It said the country has made strides to address mental health problems but said: “Our review highlights the overall prevalence of depressive symptoms and depression, which may long have been overlooked."
Prof Samir Al Adawi, of the department of behavioural medicine at Sultan Qaboos University in Oman, who was not involved in the study but is a recognised expert in the Gulf, said how mental health is discussed varies significantly between cultures and nationalities.
“The problem we have in the Gulf is the cross-cultural differences and how people articulate emotional distress," said Prof Al Adawi.
“Someone will say that I have physical complaints rather than emotional complaints. This is the major problem with any discussion around depression."
Daniel Bardsley
