Dubai shares fall after Kuwait bomb attack

Shares in Dubai led losses across the Gulf region on Sunday following Friday’s suicide bomb attack on a Shia mosque in Kuwait which killed 27 people.

Dubai’s headline index fell 2.19 per cent at 4,055.97, the largest one-day fall since June 11.

“There’s no technical or fundamental issue behind a fall of that magnitude, it definitely stems from events in Kuwait,” said Mohammed Ali Yasin, the managing director at NBAD Securities.

“If it’s a one-off isolated event and if the security services report progress in catching the people behind it, we should see a rebound in the next 48 hours to where we were before.”

Dubai Financial Market and Arabtec Holdings were among the worst affected stocks, closing down 5.31 per cent and 5.15 per cent respectively.

The impact was less pronounced in Abu Dhabi, where shares fell 0.87 per cent at 4,719.25.

Etisalat slipped 0.71 per cent to Dh13.90. The telecoms operator said that it would take a hit of Dh616 million before federal royalty, after its Saudi unit, Mobily, said that accounting changes will increase its losses for 2014.

Kuwait’s stock market was somewhat less affected, closing down just 0.18 per cent at 6,200.24.

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