Local bourses were little changed this morning as news emerged that Osama bin Laden was killed by US forces.
Osama bin Laden: US president Barack Obama has announced that the world's most wanted terrorist has been killed
Last Updated: May 2, 2010
Bin Laden's killing does not mean US is at war against Islam: Obama President Barack Obama said in his address that the operation against Osama bin Laden was not against Islam as bin Laden was a mass murderer of Muslims. Read article
Osama bin Laden obituary Bin Laden used a family inheritance to build the global terrorist network that killed almost 3,000 people in September 11, 2011. Read article
Bin Laden's death prompts travel alert Americans in the UAE and around the world have been warned to beware of 'anti-American violence' in the wake of the death of Osama bin Laden. Read article
Bin Laden's son, three others killed in raid Three men and a woman dead, including a son of the al Qa'eda chief, officials said. Read article
"Osama's death to regional markets is immaterial," said Mohammed Ali Yasin, chief investment officer at CAMP Investments in Abu Dhabi. "We have bigger issues that are dampening sentiment such as the civil war in Libya," he said.
President Barack Obama said Bin Laden was killed in Pakistan on Sunday. The US is in custody of his body.
The Abu Dhabi Securities Exchange General Index was up 0.1 per cent 2,695.38 points, while the Dubai Financial Market General Index was up 0.2 per cent to 1,633.22 points.
Oil prices declined by 1 per cent on Monday. US crude fell to $112.21, retreating from a 31 month peak of $114.18 set on Friday. The dollar index, which tracks its performance against a basket of major currencies, jumped from a three year low of 72.813, to 73.227.
"A stronger US dollar can cause a pullback in commodity prices, and help support consolidation in local market that we have been seeing recently," said Haissam Arabi, the chief executive of Gulfmena Investments in Dubai.
Elsewhere in the region, Kuwait's measure added 0.2 per cent to 6,524.90 points. Bahrain's index added 0.1 per cent to 1,407.35 points. Oman's measure gained 0.6 per cent to 6,378.34 points. Qatar's index was unchanged at 8,540.54 points. The Saudi Tadawul All-Share Index was down 0.4 per cent to 6,683.81 points.
halsayegh@thenational.ae
