West’s Threats against Iran Drive UAE Markets across Redline

TEHRAN (FNA)- Geopolitical concerns continue to affect the UAE market with Dubai and Abu Dhabi declining, though volumes picked up in both.

The Dubai Financial Market General Index dropped 1.11 per cent to 5,279.49 with volumes rising to 281.03 million shares from 269.07 million shares on Tuesday. The turnover also rose to Dh1.34 billion.

The Abu Dhabi Securities Exchange index fell 0.89 per cent to 4,825.98 with volumes up by 42 million shares to 99.96 million and worth Dh665.44 million.

“The Iran nuclear issue is definitely not helping the UAE and Saudi markets and also the other PGCC markets,” said Haissam Arabi, managing director of asset management at Shuaa Capital.

“Geopolitical tension has also been a main trigger for the market performance. For volume to pick up, though slightly, it is possible that there are some buyers.”

Of the 30 stocks that traded in Dubai, 20 declined, six rose and four remained unchanged. While Emaar Properties and Emirates NBD remained unchanged at Dh10.55 and Dh11.80 respectively, DFM and Tamweel lost 3.32 and 4.36 per cent to close at Dh4.37 and Dh6.80.
Dar Takaful and Takaful Emarat, the latter with the highest turnover of Dh286.56 million, added 7.17 per cent and 2.01 per cent respectively.

In Abu Dhabi, the decliners led gainers 29 to nine, with three remaining flat. The banking sector had the highest drop, losing 1.85 per cent. Construction sector lost 1.01 per cent and real estate 0.49 per cent.

National Bank of Abu Dhabi, First Persian Gulf Bank and Abu Dhabi Commercial Bank fell. First Persian Gulf lost 3.38 per cent to close at Dh25.70 and NBAD fell 2.85 per cent to Dh20.45.

Aldar Properties and Sorouh Real Estate were the most active stock in terms of value. While Aldar closed lower at Dh11.65, Sorouh edged up slightly to Dh8.72.