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Dubai: UAE shares retreated on Tuesday as investors betrayed nerves on the latest news about Iran's threat to attack US shipping in the Gulf if it is attacked over its nuclear programme as well as on global markets' volatility and slide.
"It [Iran issue] did have an effect on the sentiments and the market is a bit bearish because of that," said Anne Marie Browne, foreign institutional sales, Al Futtaim HC Securities.
"But I also think that global markets - because of what US market did overnight and what happened in Europe today and also Asia - did affect the sentiments."
All the three indexes in the US - Dow Jones Industrial Average, S&P 500 and Nasdaq - fell on Monday. And yesterday, Hang Seng slid over three per cent, Nikkei declined two and half per cent and Europe overall was down over one per cent.
The Dubai Financial Market closed down 0.41 per cent at 5362.91, losing for the fifth straight session. Twenty companies declined.
Emaar Properties which had the highest turnover valued at Dh317.87, fell 1.44 per cent to close at Dh10.25.
The top three losers were Gulf Finance House, Al Salam Bank and Ajman Bank, which shed 12.12 per cent, 11.57 per cent and 4.04 per cent respectively.
The Abu Dhabi benchmark declined 0.81 per cent to end at 5001.23.
"Abu Dhabi is trading within the range and that is in the region between the 4900 level and 5150 and hasn't broken out of that in either direction yet," Browne said.
"Until it does, I don't think you will be able to predict the way the market is going to go."
First Gulf Bank fell 1.81 per cent to close at Dh27.20, etisalat was down 0.75 per cent at 19.95, Aabar Petroleum lost 5.22 per cent to end at Dh4.35 and Aldar Properties closed at Dh12.60, down 1.95 per cent.
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