On DFM, Union Properties, Shuaa stocks slip, while Aldar comes under pump on ADX
UAE stocks have come under immediate pressure, with property and banking stocks facing some of the heat as investors factor in what could happen next in the Israel-Iran faceoff.
Union Properties and Shuaa on DFM are down over 7% in the first 15 minutes, while Emaar Development's slipped by over 4%.
The wider DFM index is lower by 2.6%, while ADX has slipped by just under 2%. The DFM had dropped by over 2% on Thursday as well.
Even energy facing stocks have not been able to escape the full weight of investor concerns. ADNOC Gas is down 2.3%. The property giant Aldar's seen its price trimmed by 3.9% and telecom-tech entity e&'s by 2.3%
According to market analysts, the investor reaction is in keeping with what was expected ahead of the market's opening. Similar versions of these concerns will play out when the other Gulf markets open for trading in the new week.
In the near-term, property stocks will remain under the spotlight, with some of the heavy-duty ones having already gone through impressive mark ups on their stocks.
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