Dubai's market reversed gains that yesterday saw the exchange mark its entry into a bull market, after rebounding more than 20 percent from a six-year low.
The Dubai Financial Market fell 0.5 per cent to 1,640.43 points as banking and property stocks dragged on the exchange and investors booked profits.
Emaar Properties, the builder of the world's largest tower, the Burj Khalifa lost 0.9 per cent to Dh3.40, Arabtec dropped 1.9 per cent to Dh1.53 and Dubai Islamic Bank fell 0.9 per cent to Dh2.19.
Mark Mobius, of Templeton Asset Management, who oversees about $54 billion (Dh 198bn), said the UAE was entering another "up" phase.
"It's going to be a bumpy ride in many places but the trends are very positive," he said at a roundtable in Dubai yesterday. He said he counts Orascom Telecom and Saudi Basic Industries Corporation among his frontier market fund's top holdings.
Abu Dhabi Securities Exchange rose 0.4 per cent to 2,709.39 points.
Etisalat, the telecoms giant and Union National Bank were early gainers as they rose 0.4 per cent to Dh10.45 and 0.6 per cent to Dh3.21 respectively.
Egypt's benchmark index, the EGX 30, closed down 3.4 per cent at 5,118.31 points yesterday as investors remained edgy about companies that may have benefited from the former regime.
Citadel Capital, the Egyptian private equity firm, yesterday shed 10 per cent of its value at 4.68 Egyptian pounds on allegations it acquired a cement maker at a cheaper price from the government, a charge the company denies.
Shares of EFG Hermes were also under fire as board member and head of brokerage, Sherif Cararah, resigned, Reuters reported.
The move was said to have been long planned but still hit the share price of the country's biggest investment bank.
It ended 10 per cent lower at 18.72 Egyptian pounds yesterday as Goldman Sachs cut the price target of the bank to 23.5 pounds, from 35.1 pounds.
Company%20Profile
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COMPANY%20PROFILE
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Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
MANDOOB
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Honeymoonish
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THE%20HOLDOVERS
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COMPANY%20PROFILE
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Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
Company%20Profile
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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
Guardians%20of%20the%20Galaxy%20Vol%203
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EJames%20Gunn%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Chris%20Pratt%2C%20Zoe%20Saldana%2C%20Dave%20Bautista%2C%20Vin%20Diesel%2C%20Bradley%20Cooper%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
MATCH INFO
Borussia Dortmund 0
Bayern Munich 1 (Kimmich 43')
Man of the match: Joshua Kimmich (Bayern Munich)
World Series
Game 1: Red Sox 8, Dodgers 4
Game 2: Red Sox 4, Dodgers 2
Game 3: Saturday (UAE)
* if needed
Game 4: Sunday
Game 5: Monday
Game 6: Wednesday
Game 7: Thursday
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
If you go...
Etihad Airways flies from Abu Dhabi to Kuala Lumpur, from about Dh3,600. Air Asia currently flies from Kuala Lumpur to Terengganu, with Berjaya Hotels & Resorts planning to launch direct chartered flights to Redang Island in the near future. Rooms at The Taaras Beach and Spa Resort start from 680RM (Dh597).
CRICKET%20WORLD%20CUP%20LEAGUE%202
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SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now
COMPANY%20PROFILE
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COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
Top 10 most polluted cities
- Bhiwadi, India
- Ghaziabad, India
- Hotan, China
- Delhi, India
- Jaunpur, India
- Faisalabad, Pakistan
- Noida, India
- Bahawalpur, Pakistan
- Peshawar, Pakistan
- Bagpat, India
Getting%20there%20and%20where%20to%20stay
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MATCH INFO
Arsenal 1 (Aubameyang 12’) Liverpool 1 (Minamino 73’)
Arsenal win 5-4 on penalties
Man of the Match: Ainsley Maitland-Niles (Arsenal)
Company%20Profile
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
Low turnout
Two months before the first round on April 10, the appetite of voters for the election is low.
Mathieu Gallard, account manager with Ipsos, which conducted the most recent poll, said current forecasts suggested only two-thirds were "very likely" to vote in the first round, compared with a 78 per cent turnout in the 2017 presidential elections.
"It depends on how interesting the campaign is on their main concerns," he told The National. "Just now, it's hard to say who, between Macron and the candidates of the right, would be most affected by a low turnout."