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MOST Gulf stock markets ended lower yesterday, led by losses in Dubai as the US and Israel’s war with Iran weighed on investor sentiment.
Dubai’s main share index declined 2.5 per cent, dragged down by a 4.9pc slide in blue-chip developer Emaar Properties and a 1.7pc retreat in top lender Emirates NBD .
Since the conflict began, the index has shed more than 18pc, bringing its valuation down to 843.25 billion dirhams ($229.61bn). Citigroup is keeping most branches and offices in the UAE closed until further notice after temporarily closing them last week, the bank said yesterday, the latest sign of the impact on the industry of the Iran war.
Gulf equities are showing a growing divergence as the regional conflict drives a swift repricing of risk amid persistently high trading volumes, said Ahmad Assiri, research strategist at Pepperstone.
In Abu Dhabi, the index lost 0.2pc, hit by a 3.5pc drop in Aldar Properties.
Meanwhile, the bourse’s market capitalisation has shrunk to $771.9bn, down nearly $77.2bn from pre-conflict levels.
Earlier this month, the Dubai and Abu Dhabi exchanges introduced a temporary 5pc daily downside limit on listed securities and suspended trading on March 2 and March 3, as part of broader measures to curb volatility and maintain orderly market conditions.
Saudi Arabia’s benchmark index gained 0.6pc, led by a 1.1pc rise in the country’s biggest lender by assets Saudi National Bank .
According to Assiri, Saudi Arabia’s TASI stands out as the region’s clearest dip-buying story, with equities showing notable resilience by testing the key 11,000 level before easing slightly ahead of the Eid holiday. The trading pause could offer a timely breather as global efforts intensify to secure energy routes through the Strait of Hormuz.
The Qatari index fell 1.2pc, with Qatar National Bank , the Gulf’s biggest lender by assets, losing 2pc. Oman’s index was down 0.7pc and Boursa Kuwait lost 0.4pc.
Outside the Gulf, Egypt’s blue-chip index slipped 1.6pc, as most of its constituents were in the negative territory.
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