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Sudanese companies’ shares fall sharply on UAE stock markets after extension of U.S. sanctions

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July 12, 2107 (KHARTOUM) - Share price of Sudanese companies listed on the UAE capital markets fell sharply during trading on Wednesday after the U.S. President Donald Trump delayed the lifting of trade and financial sanctions imposed on Sudan.

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An engineer stands in front of a new electronic trading board at the Khartoum stock exchange April 25, 2011 (REUTERS/Mohamed Nureldin Abdallah)

On Tuesday, Trump delayed the lift of economic sanctions on Sudan for a three-month period until next October saying more time is needed to appreciate the permanent revocation of the 20-year embargo.

According to the Turkish Anadolu Agency, the share price of the Sudanese, Al-Salam Bank listed on Dubai Financial Market (DFM) has declined by 3,85% topping the list of the losing stocks.

Also, the share price of the Sudatel Telecom Group (STG) listed on Abu Dhabi Securities Exchange (A.D.X.) has dropped by 3,64%.

Last January, former President Barack Obama eased the 19-year economic and trade sanctions on Sudan allowing resumption of trade exchange and banking transactions between the two countries.

On Wednesday, the U.S. State Department Spokesperson Heather Nauert said his government is committed to the lift of sanctions within three months “if the Government of Sudan (GOS) sustains the positive actions that gave rise to” the initial decision taken by the former President Barack Obama.

(ST)

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