Banking, property shares drive UAE markets lower

Dubai - Investors weighed rising coronavirus cases worldwide following a new super virulent strain of the virus identified in Britain



The benchmark Dubai Financial Market’s General Index dropped four per cent to 2,463.13 during mid-day trading as property and banking shares tumbled. -- File photo
The benchmark Dubai Financial Market’s General Index dropped four per cent to 2,463.13 during mid-day trading as property and banking shares tumbled. -- File photo

By Muzaffar Rizvi

Published: Mon 21 Dec 2020, 12:35 PM

The UAE markets fell on Monday as investors weighed rising coronavirus cases worldwide following a new super virulent strain of the virus identified in Britain.

The benchmark Dubai Financial Market’s General Index dropped four per cent to 2,463.13 during mid-day trading as property and banking shares tumbled. Emaar and Damac shares fell by 4.76 per cent and five per cent, respectively. In banking sector, Dubai Islamic Bank dropped 4.92 per cent and Emirates NBD lowered 3.25 per cent.

In Abu Dhabi, the main index dropped one per cent to 5,061.78 points. Abu Dhabi Commercial Bank and Abu Dhabi Islamic Bank shares fell 0.19 per cent and 0.15 per cent, respectively.

The new strain of the virus could be up to 70 per cent more infectious, the United Kingdom has said, prompting its European neighbours and several other countries including Canada and Iran to close their doors to travellers from the country. No Asian country has reported the new strain so far and yet to announce a flight suspension to the UK.

--- muzaffarrizvi@khaleejtimes.com


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