Dubai’s stock index tumbled on Thursday, poised for its biggest daily decline this year, and other Gulf bourses slid after US president Donald Trump announced wide-ranging tariffs on importers.
Losers outnumbered gainers 34 to 10 on Dubai’s benchmark, which was down as 1.8 per cent, mainly due to Emaar Properties’ steep 8.9 per cent drop, while Abu Dhabi’s index slipped 0.8 per cent, signaling a regional downturn.
Saudi Arabia’s main index fell 0.4 per cent after Eid, driven by losses from heavyweight firms like Saudi National Bank and oil giant Aramco. Qatar’s stock exchange remains closed for the Eid holidays, delaying their market response.
Additionally, a 3 per cent decline in oil prices is adding to the region’s financial strain, tied to anxiety over slow economic growth and waning fuel demand.
Analysts and veteran investors reiterated that this is a crucial time for investors to closely monitor these developments, as global trade tensions could affect various sectors. A key focus will be on whether oil prices stabilize or continue to decline, which could influence the region’s economic health, they added.
