DUBAI: Abu Dhabi’s stock market index dropped to its lowest in 15 months on Friday on fears that the fighting between Israel and Hamas could spark a wider regional conflict, while Dubai’s index hit a four-month low.
Israel has vowed to wipe out the Hamas Islamist group that rules Gaza, after its gunmen burst through the barrier fence surrounding the enclave on Oct. 7 and rampaged through Israeli towns and kibbutzes. Israel has made clear that a command to invade Gaza is expected soon.
Dubai’s main index declined 1.5%, extending losses for the 13th straight session, as majority of stocks were trading in negative territory. Dubai’s top lender Emirates NBD Bank dropped 3.8%, while Emirates Central Cooling System Corporation slipped 5.4%.
The Dubai index posted its biggest weekly decline since May 13, 2022 with a 5.4% loss, while Abu Dhabi dipped 1.9% on a weekly basis, based on LSEG data.
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