News

Home News World

UAE stocks plunge on Sunday due to US-Iran tension

Dubai latest news, UAE latest news, current news, world news, today's news, English news, breaking news today, international news, top news, recent news, expatriates Dubai
ex-pat life in Dubai

2 weeks   ago  /  150

The Dubai Financial Market General Index fell below two per cent as all the stocks, barring Tabreed, were trading negatively.


The UAE stock markets plunged on Sunday morning due to growing tension between the US and Iran after the assassination of a top Iranian general on Friday morning.

The Dubai Financial Market General Index fell below two per cent as all the stocks, barring Tabreed, were trading negatively.

Gulf Navigation, Shuaa Capital, Dubai Entertainment and Ithmaar were the biggest losers of the day, losing between five per cent to 10 per cent during the morning trade.

Among other blue-chip stocks, Emaar was down 2.5 per cent, Emirates NBD lost 2.3 per cent, Dubai Islamic Bank fell two per cent, Deyaar lost over four per cent and Arabtec was down by 3.1 per cent.

Abu Dhabi Securities Exchange had also lost 1.34 per cent in the morning trade. Out of 21 traded companies, 20 were trading in the red. Waha Capital, Eshraq, Dana Gas, Al Qudra and Agthia shares had plunged between 2.9 per cent to 6.7 per cent in the first two hours of trading.

Allied Investment Partner said going forward, the rising geopolitical uncertainties could continue to weigh on investor sentiments and lead to volatility in the short-term.

"For the Mena region, investors will turn cautious due to the heightened risk in geopolitical environment and further escalations could lead to downward pressure in regional equities,"

Other GCC indices also took a hit on Sunday morning, as most of regional bourses were also trading lower.

Saudi Arabia's benchmark index fell 2 per cent, Kuwait index opened 3.4 per cent and Qatar index fell 2.5per cent.

Comments