Dubai shares hit a seven-month low yesterday as concerns about the European debt crisis continued to weigh on investors.
The Dubai Financial Market General Market Index closed down 1.55 per cent, led by a 3.65 per cent decline by Emaar Properties. It was the fourth consecutive decline for the Dubai index.
Abu Dhabi shares also slid, falling 0.66 per cent after posting a modest 0.10 per cent gain on Sunday.
UAE banks were the big losers. Emirates NDB fell 3.03 per cent, followed by a 2.83 per cent decline by National Bank of Abu Dhabi and a 1.72 per cent drop by Abu Dhabi Commercial Bank.
The sell-off was widespread.
"The sentiment reflects increased worries about what is coming out of Europe," said Mohammed Ali Yasin, the chief investment officer of CAPM Investment. "There is a feeling we are getting into another downward trend."
In the absence of any news to drive the local markets, investors are wary of growing their equity positions, Mr Yasin said.
Yesterday's news from around the world did little to buoy investor confidence.
The MSCI Asia Pacific Index lost 2.7 per cent in morning trading, sending a signal that Asia was also wary of the situation in Europe.
The session was an unsettling start to the fourth quarter for local markets, after a miserable third quarter.
"All GCC markets had a negative performance by the end of the first nine months of the year," Kuwait-based Global Investment House noted in a report released yesterday.
kbrass@thenational.ae
Company%20Profile
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
The%20Specs
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Confirmed%20bouts%20(more%20to%20be%20added)
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Results
6.30pm: Maiden Dh165,000 (Dirt) 1,600m
Winner: Celtic Prince, David Liska (jockey), Rashed Bouresly (trainer).
7.05pm: Conditions Dh240,000 (D) 1,600m
Winner: Commanding, Richard Mullen, Satish Seemar.
7.40pm: Handicap Dh190,000 (D) 2,000m
Winner: Grand Argentier, Pat Dobbs, Doug Watson.
8.15pm: Handicap Dh170,000 (D) 2,200m
Winner: Arch Gold, Sam Hitchcott, Doug Watson.
8.50pm: The Entisar Listed Dh265,000 (D) 2,000m
Winner: Military Law, Antonio Fresu, Musabah Al Muhairi.
9.25pm: The Garhoud Sprint Listed Dh265,000 (D) 1,200m
Winner: Ibn Malik, Dane O’Neill, Musabah Al Muhairi.
10pm: Handicap Dh185,000 (D) 1,400m
Winner: Midnight Sands, Pat Dobbs, Doug Watson.
Company%20profile
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Company%20Profile
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COMPANY%20PROFILE
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Company%20Profile
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The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
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The Specs
Price, base Dh379,000
Engine 2.9-litre, twin-turbo V6
Gearbox eight-speed automatic
Power 503bhp
Torque 443Nm
On sale now
COMPANY%20PROFILE
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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The%20specs%3A%20Panamera%20Turbo%20E-Hybrid
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