Russia-Ukraine crisis: UAE stock markets plunge

The UAE stock markets plunged on Thursday morning in line with the drop in global markets after Russia launched a military operation against Ukraine.

The Dubai Financial Market General Index fell to 1.81 per cent while Abu Dhabi Securities Exchange slumped to nearly one per cent within half an hour of opening the market.

All the stocks on the Dubai bourse were trading in the negative territory, led by Amlak (down nearly six per cent), Aman (3.8 per cent), Ajman Bank (3.5 per cent), Emaar (two per cent), DFM (three per cent) and others.

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In Abu Dhabi, the trend was similar to Dubai with most of the shares trending lower at the opening of the market. All the blue chips were trading in negative territory on the Abu Dhabi Securities Exchange as the index was trading nearly one per cent lower at 9,021 points.

Currencies and equity markets tumbled across the globe on Thursday as Russian attacks on Ukraine spoiled investors’ appetite for risk.

Russian President Vladimir Putin announced a “military operation” in Ukraine on Thursday and called on soldiers there to lay down their arms.

Stock markets in Singapore and India lost about 3 per cent as Russian attacks on Ukraine spoiled investors’ appetite for risk.

The Moscow Exchange said on Thursday morning it had suspended trading on all markets while the rouble fell to a record low.

waheedabbas@khaleejtimes.com

• Dubai
• Abu Dhabi