UAE's DFM, ADX open lower, with property stocks under pressure

On DFM, Union Properties, Shuaa stocks slip, while Aldar comes under pump on ADX

Last updated:
Manoj Nair, Business Editor
1 MIN READ
Global markets are on a knife's edge, and in the UAE, investors on DFM and ADX are busy trying to figure out what's next in the Middle East flashpoint.
Global markets are on a knife's edge, and in the UAE, investors on DFM and ADX are busy trying to figure out what's next in the Middle East flashpoint.
Gulf News Archive

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.

Manoj Nair
Manoj NairBusiness Editor
Manoj Nair, the Gulf News Business Editor, is an expert on property and gold in the UAE and wider region, and these days he is also keeping an eye on stocks as well. Manoj cares a lot for luxury brands and what make them tick, as well as keep close watch on whatever changes the retail industry goes through, whether on the grand scale or incremental. He’s been with Gulf News for 30 years, having started as a Business Reporter. When not into financial journalism, Manoj prefers to see as much of 1950s-1980s Bollywood movies. He reckons the combo is as exciting as it gets, though many will vehemently disagree.

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