Following Al-Sisi's visit, UAE's stocks plummet, Arabtec falls by 5%

Coinciding with the latest visit by the Egyptian military coup leader and Minister of Defence Abdel-Fattah Al-Sisi, UAE stocks fell sharply on Wednesday, hitting the lowest level since the beginning of February.

The Dubai Financial Market (DFM) fell by 3.8 % and closed at 3936 points, trading at a total value of 1.29 billion dirhams.

The blue chip stocks fell sharply in the market, and collectively. DEYAAR stocks suffered the biggest losses, slumping by 10%, the maximum percentage, at AED 1.13, and its trades amounted to 55 million shares.

Arabtec Holding’s shares fell by 5% at 4.66 dirhams, with trades amounting to 44 million shares.

Emaar properties fell by 3.5% closing at 8.57 dirhams, trading 22 million shares.

DFM went down almost by 7% closing at 2.80 dirhams, trading on Wednesday without dividend eligibility.

Five shares witnessed a rise, most notably the “Gulf Navigation Holding”, up by 2.3 % at 0.490, despite declining amid the session, and its trading amounted to 350 million shares.

Abu Dhabi Securities Market:

Abu Dhabi Securities Exchange market closed today with a decline by 2.9 % at 4650 points, trading at a total value of 439 million dirhams.

Blue-chip stocks in the banking and real estate sectors plummeted, particularly the FGB shares, down by 5% at 15.20 dirhams, and ADCB, down by 6.6 % at 6.70 dirhams. Moreover, ALDAR fell by 5% at 2.96 dirhams, and ESHRAQ fell by 7% at 2.21 dirhams.