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Shares drop on Iran-West nuclear crisis
DUBAI - The nuclear tension between Iran and the Western powers is again affecting investor confidence, prompting UAE shares to decline on Thursday on concern that the crisis could escalate into a war in the region.
Union Properties was among the losers on the Dubai Financial Market (DFM) General Index, which slipped 0.6 per cent to close at 5,250.31. The Abu Dhabi Securities Exchange (ADX) General Index slumped 1.1 per cent at 4,773.98 points.
A Dubai-based real-estate developer that's building F1-themed parks, Union Properties dropped five per cent to Dh4.57. This was its third day of losses since the giant US investment-banking firm Morgan Stanley initiated coverage with an 'underweight' rating August 5.
Aramex, the biggest courier service company in the Middle East, declined 2.6 per cent to Dh2.24 while Ajman Bank decreased 1.9 per cent to Dh3.02. The largest publicly listed real-estate developer in the Middle East and Africa, Emaar Properties, fell 0.9 per cent to Dh10.45.
'Political tension in Iran is seen to be at a crossroads,' said Nadim Abou Jalad, a trader at Naeem Shares & Bonds in Dubai, in a Bloomberg report. 'Investors are worried that the risk of war in the region is getting higher.'
On Wednesday the US called for additional 'punitive' measures against Iran, saying Teheran has failed to satisfy the West on its response to an incentive package aimed at ending its nuclear programme.
About 217.3 million shares traded on DFM valued at over Dh1 billion while shares value on ADX reached Dh501.8 million. Thirty-two companies traded on DFM, 16 of which had declined and 11 had advanced. Twenty-nine companies lost on ADX while eight gained and four were unchanged. Sorouh Real Estate, the capital's second-largest property developer by market value, retreated 3.6 per cent to Dh8.28 while Invest Bank was the biggest loser on ADX with a fall of 9.9 per cent to Dh3.47 and Aabar Investments, the former oil and natural-gas explorer that sold its only energy asset in March, fell 4.1 per cent to Dh4.03.
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