Page 247 - AAE PR REPORT - June 2024

5/15/24, 4:14 PM UAE markets fall on escalating conflict in region - Markets - Business Recorder

DUBAI: 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 dropped 0.3%, extending losses to second

session, after Abu Dhabi’s largest listed firm International Holding Company

shed 0.6% and real estate giant Aldar Properties dropped 1.6%.

Dubai’s main index edged 0.2% down, pressured by losses in real estate

sector, as blue-chip developer Emaar Properties slipped 0.9%, while its

construction arm Emaar Development decreased 1.4%.

Among the losers, foreign currency exchange firm Al Ansari Financial Services

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.

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