UAE shares fell sharply today, extending an emerging markets sell-off amid uncertainties over the implications of Donald Trump’s upcoming presidency.
MSCI’s Emerging Markets Index sank to its lowest level since July on Friday, with concerns over the potential international impact of proposed Trump policies, including less reliance on Opec and a revision of Iran’s nuclear deal.
Shares in Dubai led losses across the Arabian Gulf region, closing down 1.2 per cent at a six-month low of 3,232.94.
Emaar Properties led the sell-off, dropping by 3 per cent to Dh6.50, its lowest level in nearly four weeks.
DXB Entertainment fell 2.6 per cent to Dh1.50, after the resort owner and operator’s third-quarter losses deepened on higher expenses.
Shares in Amanat Holdings were among the pick of a handful of gainers, closing up 4.6 per cent at 97 fils, after the investment company announced an 81 per cent jump in profits for the third quarter.
The Abu Dhabi Securities Exchange General Index closed just over 1 per cent lower at 4,235.68.
Etisalat and Aldar Properties acted as the main drag on equities, closing down 1.3 per cent and 4.2 per cent respectively.
Shares in Eshraq Properties once again dominated trading, accounting for more than 80 per cent of overall volume.
The developer’s shares closed up 4.9 per cent at a two-year high of Dh1.07.
Saudi stocks continued their bull run yesterday, with the Tadawul closing up 2 per cent at 6,663.31. The headline index has risen by more than 20 per cent since Saudi Arabia closed a record US$17.5 billion bond issue last month.
jeverington@thenational.ae
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