Gulf markets drop on Syria concerns
Dubai, September 4, 2013
Gulf markets declined in volatile trading as investors opted for short-term trades amid increasing worries of a military strike against Syria.
Dubai's measure dropped 1.9 percent to 2,443 points but reached a high of 2,521 points in the opening minutes.
Heavy retail activity has worsened the volatility in UAE markets, with daily news triggering knee-jerk reactions.
Shares in Union Properties (UP) gained 0.3 percent, having slipped 2 percent earlier in the session. The stock rallied 30.2 percent in August, which traders attributed to new investors accumulating shares.
Bourse data shows Mohammed bin Ahmed bin Mohammed bin Ahmed Al Qasimi now owns 5.7 percent of UP. Disclosures on the exchange are required after ownership in a security exceeds 5 percent.
Abu Dhabi's index fell 1.4 percent to 3,681 points, trimming 2013 gains to 39.9 percent.
Kuwait's benchmark dropped 1.9 percent to 7,324 points, heading for its ninth consecutive loss.
Warba Bank bucked the trend - shares in the lender jumped 7.7 percent on its second day of trading on the bourse.
Qatar's measure slipped 1.4 percent, while Oman's retreated 1.6 percent. - Reuters