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Of the 36 stocks traded on Dubai bourse, 33 ended in red while two rose and one remained unchanged. In total, over 231 million shares changed worth more than Dh300 million in 4,599 trades. While Abu Dhabi bourse saw 62.39 million shares trading worth Dh187.94 million in 2,407 trades. Monday's decline was the steepest drop of Dubai and Abu Dhabi since January 2016.
Issam Kassabieh, senior financial analyst at Menacorp, blamed a mix of geopolitical tension which impacted oil prices, in addition to the recent tanker attack scenario in the Gulf as something to do with the red lights that the market saw on Monday. Four commercial cargo ships were subjected to sabotage near the UAE territorial waters on Sunday. In another incident on Monday, Riyadh said that two of its oil tankers were sabotaged off the coast of the UAE in attacks that caused "significant damage" to the vessels.
Kassabieh said the MSCI impact triggered some profit-booking in Saudi equities.
"In UAE, we're seeing a correction in ADX and downside pressure in DFM as the potential for three major players to be excluded from MSCI is becoming inevitable," Kassabieh added.
"Regional geopolitical tensions and the US-China trade row are affecting market sentiment," said Nishit Lakhotia, head of research at Bahrain-based Sico.
About an hour into the trading session, the Dow Jones Industrial Average was down nearly 530 points, or 2.0 per cent, at 25,412.74. The broad-based S&P 500 dropped 2.1 per cent to 2,821.61, while the tech-rich Nasdaq Composite Index tumbled 2.7 per cent to 7,7022.21.
Why markets tumble
> US-China trade war
> Regional tensions
> Correction and profit-booking
Testing time for Gulf markets
> DFM could test 2,430 as next support level on downside
> ADX is well-supported near 4,800 level
> Tadawul enjoys strong support near 7,700
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