DUBAI: Gulf equities fell on Monday, tracking a global selloff from conflict in the Middle East after the United Arab Emirates said drones had targeted an area near its Barakah nuclear power plant and Saudi Arabia said it had intercepted three drones.
The UAE’s defence ministry said it had intercepted two drones and was investigating the source of the attack, while a third drone struck near the Barakah facility.
It said the drones were launched from the “western border”, without providing further details.
Saudi Arabia said the three drones it intercepted had entered from Iraqi airspace and warned it would take necessary measures against any attempt to violate its sovereignty.
Oil prices climbed to two-week highs as efforts to end the US-Israeli war on Iran appeared to stall, adding to a broader selloff across global markets.
In Dubai, the main share index fell for a seventh straight session, its longest losing streak in more than two years, and closed 1.7 percent lower. Losses were led by real estate, industrial and consumer discretionary stocks.
Blue-chip developer Emaar Properties dropped 3.6 percent, Dubai’s largest lender Emirates NBD lost 1.7 percent, and budget carrier Air Arabia declined 3.3 percent.
In Abu Dhabi, the index dropped 1.2 percent, with all sectors ending in negative territory, led by technology, utilities and real estate. Abu Dhabi Commercial Bank shed 4.9 percent, while Aldar Properties lost 3 percent
The Qatari benchmark fell 1.1 percent, weighed down by losses across all constituents. Qatar National Bank, the region’s largest lender, slipped 1 percent, while Industries Qatar
slid 1.3 percent. Saudi Arabia’s benchmark eased 0.1 percent, extending losses to a fifth straight session, pressured by industrial, consumer staples and materials stocks. Saudi Arabian Mining Company
fell 1.5 percent, and Riyad Bank slipped 1.2 percent. Saudi Chemical Holding gained 4.2 percent after announcing a military materials supply agreement with the National Company for Mechanical Systems.
Outside the Gulf, Egypt’s blue-chip index declined 0.7 percent, with Commercial International Bank down 1.1 percent and Fawry for Banking Technology losing 2 percent.
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