Dubai’s main index down 3.43%
Real estate slumps more than 4%
Dubai markets opened in the red on Friday after Israel launched attacks on Iran. Real estate indices were the hardest hit.
Israel said it had struck nuclear facilities, ballistic missile sites and senior military commanders in Iran, describing the attacks as the beginning of a prolonged operation to prevent Tehran from developing an atomic weapon.
Dubai’s main share index fell 3.43 percent, adding to a 2.3 percent drop a day earlier as losses spread across sectors.
Real estate indices slumped more than 4 percent, flagging investor focus on the sector.
Blue-chip developer Emaar Properties was the most actively traded stock by value. More than AED64 million worth of shares changed hands in the first 30 minutes of trade.
Emaar stock fell more than 3 percent to AED12.60, down from a previous close of AED13.
Union Properties was among the top decliners, falling 6.78 percent to AED0.632, with more than 18.5 million shares traded.
Other sector indices reflected widespread declines.
Shares in Dubai-listed Air Arabia declined more than 3 percent percent as regional airspace disruptions forced airlines to divert or cancel flights following strikes on Iranian targets.
Financials dropped 3.61 percent and industrials were down 3.47 percent, according to Dubai Financial Market data.
Dubai Islamic Bank slipped 4.12 percent to AED 8.14, and Salik dropped 3.57 percent to AED5.40.
Escalating tensions in the region also drove investors toward havens, lifting gold to its highest in almost two months.
Oil prices rose more than 9 percent.
