Dubai falls on real estates, Gulf markets mixed on Iran tensions

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Dubai falls on real estates, Gulf markets mixed on Iran tensions

On Sunday, the 19th of May 2019, the Dubai stock exchange had wrapped up the day lower, almost entirely dragged down by real estates and financials, while other Gulf markets had winded up day mixed in context of rising geopolitical tensions over Iran issues, which appeared to have shattered investors’ confidence.

Dubai main index had soured 2.2 percent, largely led by a 3.1 percent fall of heavyweight Emaar Properties and a 2.3 percent drop of Bank Emirates NBD, while Dubai Islamic Bank fell by 1.6 percent. In point of fact, Gulf markets remained shaky since United Arab Emirates had said last week that four of its oil tankers had been sabotaged at its Fujairah Coast on May 12th, and Saudi Arabia had accused Iran-aligned Yemeni-Houthi’s for a drone attack over one of its Aramco’s oil facility.

Although, renewed geopolitical tensions over the Gulf with rising possibilities of another US-Iran conflict had been battering investors’ confidence, Saudi index had remained mixed ahead of its listing in the emerging market index that could catapult billions of dollars into the Saudi stock market, and it posted a plunge of 1.1 percent at Sunday’s (May 19th) market closure.

Elsewhere in Gulf, Abu Dhabi rose by 0.3 percent and Qatar index had closed the day flatlined, while Egypt had rounded off the day down by 1 percent, and Bahrain and Oman, both were flat by the end of the day. Besides, Kuwaiti index fell by 1.7 percent at Sunday’s (May 19th) market wrap-up.