UAE markets: Dubai continues losing streak; Abu Dhabi jumps 1.6%

The Dubai Financial Market (DFM) fell into the red for the third consecutive session on Tuesday, losing 0.18 percent to close at 3,079 points. Trading volumes rose slightly to AED 297 million.

As many as 13 stocks on the DFM declined in line with global markets a day after fears over China’s weakening economy triggered a selloff. News of escalating tensions between Iran and GCC countries also put a damper on trading.

Shares of Air Arabia Co. fell 2.2 percent to AED 1.33 on concerns that the carrier could potentially be impacted as Saudi Arabia announced earlier that it had halted flights to Iran. The kingdom’s foreign minister revealed that the government would also plan to end trade links with Tehran.

Dubai Financial Market Co. fell 1.7 percent to AED 1.14. As many as 6 million shares were traded. Drake & Scull declined 1.2 percent to AED 0.40 as nearly 17 million shares exchanged hands.

Top gainers included Amanat Holding and GFH Financial Group which saw increases of 1.6 percent and 1.2 percent, respectively.

Meanwhile, the Abu Dhabi Securities Exchange (ADX) ended the day in positive territory; jumping 1.61 percent to 4,284 points as trading volumes hit AED 69 million.

Banking stocks made the most gains and pushed the benchmark index higher. Shares of Abu Dhabi Commercial Bank (ADCB) rose 3.4 percent to AED 6.66, while First Gulf Bank (FGB) saw its stock jump 3.3 percent to AED 12.70.

Aldar Properties added 1.8 percent to AED 2.27.