The 34-year-old's work has led to the identification of millions of genetic mutations unique to the Middle East
Dubai’s Financial Market General Index, or DFM, closed at a fresh seven-week low, dragged down by banking and construction stocks, with volume the lowest since February 3. The index lowered 0.12 per cent at 1679.94 points.
“I expect a similar trend all week with markets drifting lower until there is a good reason for direction to turn upwards. Oil failed to hold the $60 support level and looks set for another volatile week,” said Matthew Wakeman, managing director of cash-and-equity-linked trading at EFG-Hermes.
Wakeman said that investors in the UAE markets are essentially circling in a holding pattern waiting for results to hit the tape.
Emirates NBD drops 4.6 per cent to Dh3.18, its third straight decline and lowest finish for six weeks. Rival construction firms Arabtec and Drake & Scull lose four and 1.2 per cent respectively as investors worry about the effect sliding oil prices will have on infrastructure projects across the region.
Abu Dhabi’s ADX General Index also dropped 0.37 per cent to 2,579.30 points. Property stocks weighed on Abu Dhabi’s index as investors continue to book profits from a recent rally, with declining oil prices also weighing on sentiment.
Aldar Properties and Sorouh Real Estate are the most significant losers, losing 2.8 and 3.5 per cent respectively. Banks also stumble, with National Bank of Abu Dhabi falling 1.4 per cent and Abu Dhabi Commercial Bank losing 1.7 per cent.
“Stocks should recoup some of their recent losses if second-quarter earnings are okay, with property and banking the sectors under most scrutiny in the UAE,” says Haissam Arabi, chief executive and fund manager at Gulfmena Alternative Investments.
“There should be some accumulation at current prices, because the ongoing retracement is not justified and we’re approaching February’s level, when a doomsday scenario was priced in,” he added.
In regional markets, Qatar stocks dropped to the lowest in more than two months, led by Industries Qatar after crude oil recorded the biggest weekly decline since January. The Doha Stock Market fell 3.1 per cent to 5,829.43, the lowest since May 3.
Industries Qatar, the second-biggest petrochemicals maker in the region, is headed for its lowest close since April 30. Qatar Gas Transport Co., the liquefied natural-gas shipper known as Nakilat, lost as much as 6.8 per cent and Barwa Real Estate Co. declined as it considers combining units.
Oil for August delivery closed at $59.89 a barrel in New York on July 10, the lowest settlement in two months, on concern the global recession will curb energy consumption and as a stronger dollar reduced demand for commodities. US stocks fell for a fourth week, matching the longest stretch of declines in a year, after consumer sentiment dropped more than estimated.
“Reality has caught up with petrochemical stocks,” said Keith Edwards, senior executive director of Doha-based investment bank The First Investor. “There hasn’t been an increase in global trade or global demand.”
Oman’s benchmark index retreated 0.6 per cent, Saudi Arabia’s market declined 0.2 per cent and the Bahrain All Share Index lost 2.2 per cent. Kuwait’s measure gained 0.1 per cent.
abdulbasit@khaleejtimes.com — With inputs from agencies
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