Dubai indexes tumble

BENGALURU: Stock markets in United Arab Emirates and Dubai indexes tumbled on Friday, tracking global equities as a widening conflict between Hamas and Israel made investors nervous.

MSCI’s broadest index of global equities fell 0.4%, while Europe’s Stoxx 600 share index slid 0.9%.

On Friday, the Israeli military called for civilians to leave Gaza City ahead of an anticipated ground invasion in response to devastating attacks by Hamas at the weekend.

Dubai’s benchmark index dropped 2.3%, hitting three months low as the majority of stocks in the index were trading in negative territory.

Dubai’s blue-chip developer Emaar Properties recorded its worst day since mid-May 2022 with a 5.5% decline, while toll operator Salik Company slid 4.7%.