UAE markets fall as oil declines back below $50

UAE equities opened down on Monday, against a background of falling oil prices and mixed Asian bourses.

The Dubai Financial Market General Index opened the day around 1.51 per cent. Emaar Properties, the index’s heaviest weighted stock, opened down as much as 3 per cent.

Abu Dhabi’s headline index opened off 0.7 per cent. Shares in NBAD fell by 6.7 per cent in early trade, with Aldar and Etisalat also trading down.

Brent Crude, which staged a late rally last week to $50.05 a barrel, fell by more than a dollar early on Monday.

China’s Shanghai Composite began the week down as much as 3.7 per cent, before paring losses. The impact on Asian bourses was mixed, with the Nikkei trading down 1.2 per cent, with South Korea’s Kopsi and Hong Kong’s Hang Seng little changed.

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