BENGALURU: Dubai and Abu Dhabi stocks tumbled on Wednesday as they reopened after a two-day halt following Iran’s unprecedented wave of missile and drone attacks on the Gulf nation on Sunday.
The closure froze trading in billions of dollars’ worth of listed assets as investors awaited clarity on the scale of damage from the weekend strikes, which hit airports, ports and residential areas across both emirates.
Dubai’s main share index slid 4.7 percent, its biggest intraday drop since May 2022, in broad-based declines led by blue-chip developer Emaar Properties 4.9 percent, while budget airliner Air Arabia retreated 5 percent.
In Abu Dhabi, the index fell 3.6 percent, also the steepest decline since May 2022, with the country’s biggest lender First Abu Dhabi Bank losing 5 percent.
Both exchanges said they will temporarily set the lower price limit for securities at -5 percent.
In a separate statement, the Dubai Financial Services Authority said that Nasdaq Dubai would also resume trading on the day.
The Abu Dhabi Securities Exchange has instructed all listed companies to immediately assess their financial and operational exposure and promptly disclose any material information that could influence investor decisions.
