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Alsharq Tribune- Zainab Hussin
Stock markets in the United Arab Emirates declined on Monday as the ongoing regional conflict has driven sharp increases in energy prices, disrupted air travel, and severely impacted shipping operations through the Strait of Hormuz.
Dubai's main share index tumbled 2.7% in early trade, dragged down by a 4.6% drop in blue-chip developer Emaar properties and a 2.9% fall in top lender Emirates NBD Bank.
Abu Dhabi's benchmark index slipped 1.6% with real estate giant Aldar properties falling 5% and Abu Dhabi Commercial Bank falling 4.9%. The Abu Dhabi-listed water and Electricity firm Abu Dhabi National Energy Company (better known as TAQA) declined dipped 3.6%.
Dubai Electricity and Water Authority was down 0.8%. Adnoc Gas slumped 2.7% after the firm said it made temporary adjustments to its production of liquefied natural gas and export-traded liquids in response to ongoing shipping disruption in the Strait of Hormuz.
"Operations are continuing safely across ADNOC Gas plc's asset base," ADNOC Gas said. "Following debris falling near certain facilities, inspections confirmed no injuries and no impact to core processing integrity."
The Dubai index's year-to-date losses climbed to 10.7%, while Abu Dhabi's declined 5.9%, according to LSEG data.
