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UAE stocks plunge on Sunday due to US-Iran tension

Waheed Abbas/Dubai
Filed on January 5, 2020 | Last updated on January 5, 2020 at 12.06 pm
UAE stock markets, assassination, UAE stocks, plunge, US-Iran tension, Gulf Navigation, Shuaa Capital, Dubai Entertainment

(Alamy Image)

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.

waheedabbas@khaleejtimes.com


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