Stock markets in the UAE fell yesterday, tracking weakness in global equities as a standoff in US-Iran negotiations dented sentiment and rattled energy markets.
Dubai’s benchmark index extended losses for a sixth straight session, falling 0.5 per cent, with most constituents trading lower.
Blue-chip developer Emaar Properties dropped 1pc, while Air Arabia tumbled 2pc after the low-cost carrier reported a 22pc decline in first-quarter net profit, mainly due to the impact of the ongoing conflict in the region.
In Abu Dhabi, the index eased 0.3pc, weighed by losses in technology and energy stocks. Conglomerate Alpha Dhabi Holding fell 1.7pc, while Adnoc Drilling declined 4.6pc.
“Stocks in the UAE continued to see some pressure amid the uncertain and cautious sentiment. Efforts to expand pipeline capacity could support the economy over the long term and secure a higher level of energy exports if tensions persist” said Joseph Dahrieh, managing director at Tickmill.
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