-- Markets in the United Arab Emirates closed lower on Tuesday as investors assessed the latest data from the country's non-oil private sector.
At the close of trading, the FTSE ADX General Index shed 0.303%, while the DFM General Index lost 0.879%.
The S&P Global UAE PMI declined to 52.1 in April from 52.9 in the prior month, marking the softest improvement in operating conditions since February 2021. New order growth for non-oil businesses and export orders slowed down amid the ongoing conflict in the Middle East, while overall input costs rose the sharpest since July 2024.
"The UAE non-oil private sector signalled a further loss of momentum in April, with operating conditions showing their weakest performance for more than five years. Heavy restrictions on key shipment routes resulted in a marked drop in exports, while rising cost pressures placed businesses under additional strain," S&P Global Market Intelligence senior economist David Owen said. "The subsequent uplift in selling prices - the fastest in nearly 15 years according to the survey data - underlined the growing inflation risks to the non-oil sector."
On the geopolitical front, the UAE reported new missile and drone attacks leading to a fire at the Fujairah Oil Industry Zone. The Ministry of Defence also confirmed in a Monday statement that a total of 12 ballistic missiles, three cruise missiles, and four unmanned aerial vehicles were engaged by the country's air defense systems.
Over to corporates, Alpha Dhabi Holding (ADX:ALPHADHABI) reported a higher attributable profit and an 8% year-on-year growth in revenue. Shares of the investment holding company closed the session 0.68% lower.
Meanwhile, in Dubai, Ekttitab Holding (DFM:EKTTITAB) secured the Kuwaiti Capital Markets Authority's approval to reduce its capital to fully offset its accumulated losses. The investment company's stocks were 4.04% in green at trading's close.