UAE stocks extend losses as Middle East conflict deepens
- On the sixth day of the war on Friday, Iran launched a series of attacks on Israel, the United Arab Emirates and Qatar
Stock markets in the United Arab Emirates declined in early Friday trade, extending losses amid rising uncertainty over a potential escalation in the Middle East conflict.
The bourses reopened on Wednesday after a two-day halt following Iran’s unprecedented wave of missile and drone attacks on the Gulf nation over the weekend.
On the sixth day of the war on Friday, Iran launched a series of attacks on Israel, the United Arab Emirates and Qatar.
Dubai’s main share index declined 2%, with blue-chip developer Emaar Properties retreating 4.8% and budget airliner Air Arabia losing 4.9%.
During the three days this week, the index traded has fallen more than 7%.
In Abu Dhabi, the index has lost 0.8%, with Aldar Properties shedding 4.9% and Abu Dhabi Islamic Bank falling 5%.
The index is set to post a weekly loss of more than 4%.
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