Stock markets in the United Arab Emirates and Qatar fell in early trade on Tuesday following the slide of U.S. equity markets on Monday.
Dubai’s bourse dropped 1.2 per cent as most stocks pulled back. Heavyweight Emaar Properties fell 1.5 per cent and construction firm Arabtec Holding, which dominated trading volume, was down 1.0 per cent.
Abu Dhabi’s benchmark fell 1.1 per cent as most blue chips retreated. Abu Dhabi Commercial Bank fell 2.9 per cent, First Gulf Bank was down 1.1 per cent and Aldar Properties slid 2.5 per cent.
Qatar’s index fell 1.0 per cent with almost all stocks in the red. Property developer Ezdan Holding was the main drag, down 1.7 per cent.
“I think what’s happening in the U.S. and international markets is pressuring the markets here in the region,” said Ali Adou, portfolio manager at The National Investor in Abu Dhabi.
U.S. benchmark S&P 500 fell 1.7 per cent on Monday to a five-month low on lingering concerns about global growth, while Asian stocks were mixed early on Tuesday.