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UAE stocks plunge on Sunday due to US-Iran tension

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The Dubai Financial Market General Index fell underneath two according to cent as all the stocks, barring Tabreed, were buying and selling negatively.

The Dubai Financial Market General Index fell under two in keeping with cent as all the stocks, barring Tabreed, had been trading negatively.

Gulf Navigation, Shuaa Capital, Dubai Entertainment and Ithmaar have been the largest losers of the day, dropping among five in line with cent to 10 in line with cent throughout the morning trade.

Among other blue-chip stocks, Emaar turned into down 2.5 consistent with cent, Emirates NBD lost 2.three per cent, Dubai Islamic Bank fell two in step with cent, Deyaar misplaced over four according to cent and Arabtec became down by 3.1 per cent.

Abu Dhabi Securities Exchange had additionally misplaced 1.34 consistent with cent inside the morning trade. Out of 21 traded companies, 20 were buying and selling within the red. Waha Capital, Eshraq, Dana Gas, Al Qudra and Agthia stocks had plunged among 2.9 per cent to 6.7 in step with cent within the first two hours of buying and selling.

Allied Investment Partner stated going forward, the growing geopolitical uncertainties ought to keep to weigh on investor sentiments and cause volatility in the short-term.

"For the Mena region, buyers will turn cautious because of the heightened danger in geopolitical environment and in addition escalations should lead to downward strain in nearby equities,"

Other GCC indices also took a success on Sunday morning, as maximum of local bourses were also buying and selling lower.

Saudi Arabia's benchmark index fell 2 in line with cent, Kuwait index opened three.four in keeping with cent and Qatar index fell 2.5per cent.