Page 245 - AAE PR REPORT - June 2024

5/15/24, 4:13 PM UAE markets fall on escalating conflict in the region
UAE markets fall on escalating conflict

in the region

May 10, 2024 at 11:41 am GMT

By Mohd Edrees

May 10 (Reuters) -Stock markets in United Arab Emirates closed lower on Friday, as investors
turned cautious after the latest round of negotiations between Israel and Hamas failed to achieve the
ceasefire and fighting escalated in the southern most city of Gaza.

Israeli tanks captured the main road dividing the eastern and western halves of Rafah on Friday,
effectively encircling the entire eastern side of the city in the southern Gaza Strip.

Abu Dhabi's benchmark index .FTFADGI dropped 0.3%, extending losses to second session, after
Abu Dhabi's largest listed firm International Holding Company IHC.AD shed 0.6% and real estate
giant Aldar Properties ALDAR.AD dropped 1.6%.
Dubai's main index .DFMGI edged 0.2% down, pressured by losses in real estate sector, as blue-
chip developer Emaar Properties EMAR.DU slipped 0.9%, while its construction arm Emaar
Development EMAARDEV.DU decreased 1.4%.

Among the losers, foreign currency exchange firm Al Ansari Financial
Services ALANSARI.DU slumped 1.9% after the firm reported 26% decline in its first-quarter net
profit to 98.7 million dirhams ($26.88 million)

However, Dubai index recorded 0.7% weekly gains, ending five week of losing streak, while Abu
Dhabi posted 0.6% increase after three week of losses, according to LSEG data.

Oil prices - a key catalyst for the Gulf's financial market- drifted 0.6% higher to %84.39 a barrel after
data this week signalled growing demand in the U.S. and China, the world's two largest crude
users. O/R

ABU DHABI.FTFADGI down 0.3% to 9,090
DUBAI .DFMGI dipped 0.2% to 4,173

($1 = 3.6724 UAE dirham)

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