Dubai, Abu Dhabi Stock Markets Drop In Early Trade

(MENAFN- Khaleej Times) The UAE stock markets opened lower on Monday morning, with both the Dubai and Abu Dhabi bourses down over one per cent in early trade.

The markets slipped after the UAE announced that it had intercepted two Iranian drones, while a third struck near the Barakah nuclear power plant on Sunday.

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The Dubai Financial Market fell 1.17 per cent to 5,639.7 points, dragged down by Amlak, Tecom, Takaful, Shuaa, Emaar Properties and Dubai Investments Company. Barring a few, most of the scrips were trading in negative territory at the start of the week.

National Industries Group Holding and Dubai Electricity and Water Authority (DEWA) were trading in positive territory.

The Abu Dhabi Securities Exchange (ADX) was down 1.17 per cent to 9,559 points, led by Insurance House (down 4.66 per cent), 2PointZero (down 3.96 per cent) and Burjeel (down 3.8 per cent).

Investcorp Capital, Agility and Gulf Medical Projects Company were trading in positive territory.

In addition, comments from US President Donald Trump and Iranian Foreign Minister Abbas Araghchi on Sunday further dimmed hopes of a deal to end ship attacks and seizures near the Strait of Hormuz.

The US president said he was running out of patience with Iran and had agreed with Chinese President Xi Jinping that Tehran must not be allowed to obtain a nuclear weapon and should reopen the strait.

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