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Thursday, January 20, 2022

Dubai slips on property and banking shares, Abu Dhabi also down

Dubai slips on property and banking shares, Abu Dhabi also downDUBAI: Dubai’s main index fell almost 1.5 percent on Tuesday as concerns over trade tensions between the United States and China ricocheted through emerging markets.

Asian stocks wilted to a four month low with a nearly 4 percent drop in Chinese stocks as China warned it would retaliate to a threat of new US tariffs on Chinese goods.

Property and banking shares dragged down Dubai’s main index as the exchange’s biggest developer Emaar Properties plunged 5.2 percent.

The Dubai real estate sector has been a drag on the exchange this year with analysts expecting weak property values to fall further on excess supply.

Lenders Dubai Islamic Bank and Emirates NBD fell 0.8 percent and 1 percent, respectively.

Budget airline Air Arabia ended flat after shedding 7 percent on Monday over concerns of its investment in embattled Middle East private equity company The Abraaj Group.

Air Arabia said on Monday it had invested in Abraaj funds but did not disclose its exposure to the group which last week filed for provisional liquidation.

Abu Dhabi’s index shed 0.6 percent with the United Arab Emirates’ largest lender First Abu Dhabi Bank (FAB) losing 0.8 percent and weak oil prices hurt energy stocks including Abu Dhabi National Energy Company (TAQA) which plunged 4.1 percent.

Oil prices fell on Tuesday as an escalating trade dispute between the United States and China triggered sharp sell-offs in many global markets.

In Egypt, the main index fell 0.9 percent as Commercial International Bank lost 3.1 percent and conglomerate Talaat Mostafa Group was down 1.7 percent.

Saudi Arabia, the region’s biggest stock market, and Qatar are closed for holidays to mark the Muslim festival of Eid.

Copyright Reuters, 2018

Source: Brecorder

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