Dubai index slides to 52-week low

MENA MARKETS HIT HARD BY TRUMP THREAT TO SCRAP IRAN DEAL, EXPERTS SAY

Dubai index tumbled yesterday, extending losses for another session to close below the keenly watched 3,000 mark to mark its fresh 52-week low. Other regional indices also fell.

The Dubai Financial Market general index hit a low of 2,947.61, the lowest level in a year, before closing 1.83 per cent lower at 2,947.99.

The US has questioned Iran’s sincerity in implementing the nuclear curbs and President Donald Trump has threatened to reimpose sanctions if adjustments are not made to the agreement.

“We suspect the noise on US withdrawing from the nuclear deal is hurting the Mena markets — more than other parts of the world,” Vrajesh Bhandari, portfolio manager at Al Mal Capital said. Emaar Properties closed more than 3 per cent lower at Dh5.40. Drake and Scull International closed more than 5 per cent lower at Dh1.08. Emirates NBD closed 3 per cent weaker at Dh10.50.

“Several names went ex-dividend in the last week. Retail investors who have been burnt in speculative names this year, could well be inclined to ‘sell in May and go away’ until end of Ramadan,” Bhandari said.

The Abu Dhabi Securities Exchange general index closed 1.69 per cent lower at 4,556.82.

Julphar Pharmaceuticals closed 6 per cent lower at Dh2.12. First Abu Dhabi Bank closed 3.66 per cent lower at Dh11.85. Sharjah Islamic Bank closed 2 per cent lower at Dh1.23.

Saudi index declines

Elsewhere in the region, Saudi Arabia’s Tadawul index closed 0.25 per cent lower at 8,078.42.

Saudi Basic Industries Corp closed 0.73 per cent lower at 113.20 Saudi riyals (Dh110.86). Alinma Bank closed 0.13 per cent lower at 20.78 riyals.

The Qatar exchange index closed 1.65 per cent weaker at 8,805.76. The Muscat MSM 30 index closed 0.11 per cent lower at 4,725.63.

The Kuwait index closed 0.28 per cent higher at 4,791.84. The Bahrain allshare index closed 0.12 per cent higher at 1,263.50.