x Abu Dhabi, UAEMonday 24 July 2017

Bahrain unrest and Japan's crisis lead UAE markets down

Market Wrap: The Dubai Financial Market General Index closed lower as investors booked profits after an aggressive run. Unrest in Bahrain, and fears of higher oil prices triggered by the crisis in Japan weighed on investor's sentiment - with video.

Anti-government protesters bury tear gas canisters fired by riot police Sunday, AP Photo/Hasan Jamali
Anti-government protesters bury tear gas canisters fired by riot police Sunday, AP Photo/Hasan Jamali

Dubai's benchmark edged lower as investors booked profits, preferring to remain on the sidelines amid protests in Bahrain.

The Dubai Financial Market General Index lost 2.4 per cent to 1475.15 points.

"It was expected that investors would book profits. The measure has had a run up of 11 per cent since its low on Mar 6," said Tariq Qaqish, a fund manager at Al Mal Capital in Dubai.

"The ongoing issue in Bahrain to maintain order is playing a major role in decision making by investors," he said.

Dubai Financial Market Company, the only listed exchange in the Arab world, lost 4.5 per cent to Dh1.25, ahead of its full year earnings release, expected later today.

The Abu Dhabi Securities Exchange General Index lost 0.8 per cent to 2634.10 points. Dana Gas, the most actively traded on the Abu Dhabi bourse, lost 3.2 per cent to 60 fils a share.

Elsewhere in the region, Kuwait's measure gained 0.1 per cent to 6406.90. Bahrain's index lost 1.5 per cent to 1395.06. Oman's benchmark lost 0.2 per cent to 6400.66. Qatar's bourse lost 1.7 per cent to 8310.05. The Saudi Tadawul All-Share Index lost 0.2 per cent to 6232.22.