Dubai index tumbles to hit fresh 52-week low

Dubai: Dubai index tumbled on Thursday, extending losses for another session to close below the keenly watched 3,000 mark to mark its fresh 52-week low. Other regional indices also fell.

The Dubai Financial Market general index hit a low of 2,947.61, the lowest level in a year, before closing 1.83 per cent lower to 2,947.99.

The US has questioned Iran’s sincerity in implementing the nuclear curbs and President Donald Trump has threatened to reimpose sanctions if adjustments are not made to the agreement.

“We suspect the noise on US withdrawing from the nuclear deal is hurting the Mena markets — more than other parts of the world,” Vrajesh Bhandari, portfolio manager at Al Mal Capital said.
Emaar Properties closed more than 3 per cent lower to Dh5.40. Drake and Scull International closed more than 5 per cent lower to Dh1.08. Emirates NBD closed 3 per cent weaker to Dh10.50.

“Several names went ex-dividend in the last week. Retail investors who have been burnt in speculative names this year, could well be inclined to ‘sell in May and go away’ until end of Ramadan,” Bhandari said.

The Abu Dhabi Securities Exchange general index closed 1.69 per cent lower to 4,556.82.

Julphar Pharmaceuticals closed 6 per cent lower to Dh2.12. First Abu Dhabi Bank closed 3.66 per cent lower to Dh11.85. Sharjah Islamic Bank closed 2 per cent lower to Dh1.23.

Elsewhere in the region, Saudi Arabia’s Tadawul index closed 0.25 per cent lower to 8,078.42.

Saudi Basic Industries Corp closed 0.73 per cent lower to 113.20 Saudi riyals (Dh110.86). Alinma Bank closed 0.13 per cent lower to 20.78 riyals.

The Qatar exchange index closed 1.65 per cent weaker to 8,805.76. The Muscat MSM 30 index closed 0.11 per cent lower to 4,725.63.

The Kuwait index closed 0.28 per cent higher to 4,791.84. The Bahrain all share index closed 0.12 per cent higher to 1,263.50.