UAE bourses drop in thin, early trade

United Arab Emirates stock markets tumbled in thin early trade Thursday as they reopened after long Eid al-Adha holidays.

During the time the bourses were closed between Sunday and Wednesday, oil prices and global equities dropped steeply, leaving few positive incentives for Gulf investors.

Many investors remained on holiday on Thursday, the last day of the working week, and will only return to the markets next Sunday, when other major Gulf bourses will reopen after Eid.

Dubai’s main index slid 1.1 percent in the first hour, with telecommunications operator du dropping 1.4 percent as its shares went ex-dividend. Real estate blue chip Emaar Properties fell 2.0 percent.

One of the few gainers was GFH Financial which climbed 2.0 percent after it said a subsidiary had sold its remaining 18 percent stake in English football club Leeds United, in a deal which would reflect positively on its financials and liquidity for 2016.

Abu Dhabi’s index dropped 0.6 percent in a broad-based decline with nine of the 10 most heavily traded stocks falling. Aldar Properties, the most active stock, lost 1.5 percent.

Source: Reuters