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UAE Stocks Suffer Sharp Drop After Iran Strike
(MENAFN) UAE financial markets suffered their worst session in years on Wednesday as trading resumed in Dubai and Abu Dhabi following a two-day emergency halt sparked by Iranian drone and missile attacks on the Emirates.
Dubai's benchmark index plummeted approximately 4.9% — its most severe single-session collapse since May 2022 — while Abu Dhabi's primary index shed over 3%, recording its steepest intraday fall since August. The Nasdaq UAE 20 index compounded the regional rout, tumbling 4.3%.
State-controlled bank Emirates NBD led the carnage in Dubai, shedding 5.2% of its value. Abu Dhabi bore equally punishing losses, with Al Buhaira National Insurance Company and Umm Al Qaiwain General Investments cratering 9.6% and 8.7%, respectively.
In anticipation of the volatile reopening, both exchanges moved preemptively to widen downside protections, capping the lower daily price limit for listed securities at -5%.
The financial fallout stems directly from Iranian ballistic missile and drone strikes launched over the weekend — a retaliatory offensive triggered by joint US-Israeli operations that killed Iran's Supreme Leader Ayatollah Ali Khamenei. The assault struck civilian and commercial infrastructure, including Dubai International Airport and Amazon data centers.
With UAE airspace placed under sweeping restrictions, mass flight cancellations hammered aviation stocks. Budget carrier Air Arabia skidded roughly 5%.
The Gulf rout unfolded against a backdrop of intensifying global instability tied to the widening Iran conflict. Across Asia, equities extended their decline on Wednesday, while European markets managed a tentative rebound after back-to-back losing sessions. US stock futures signaled further weakness ahead, following Wall Street's broad retreat on Tuesday.
Dubai's benchmark index plummeted approximately 4.9% — its most severe single-session collapse since May 2022 — while Abu Dhabi's primary index shed over 3%, recording its steepest intraday fall since August. The Nasdaq UAE 20 index compounded the regional rout, tumbling 4.3%.
State-controlled bank Emirates NBD led the carnage in Dubai, shedding 5.2% of its value. Abu Dhabi bore equally punishing losses, with Al Buhaira National Insurance Company and Umm Al Qaiwain General Investments cratering 9.6% and 8.7%, respectively.
In anticipation of the volatile reopening, both exchanges moved preemptively to widen downside protections, capping the lower daily price limit for listed securities at -5%.
The financial fallout stems directly from Iranian ballistic missile and drone strikes launched over the weekend — a retaliatory offensive triggered by joint US-Israeli operations that killed Iran's Supreme Leader Ayatollah Ali Khamenei. The assault struck civilian and commercial infrastructure, including Dubai International Airport and Amazon data centers.
With UAE airspace placed under sweeping restrictions, mass flight cancellations hammered aviation stocks. Budget carrier Air Arabia skidded roughly 5%.
The Gulf rout unfolded against a backdrop of intensifying global instability tied to the widening Iran conflict. Across Asia, equities extended their decline on Wednesday, while European markets managed a tentative rebound after back-to-back losing sessions. US stock futures signaled further weakness ahead, following Wall Street's broad retreat on Tuesday.
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