Gulf markets ended mixed yesterday, with Qatar extending losses while other bourses steadied as investors parsed conflicting signals on potential US-Iran talks.
Dubai’s main index rose as much as 4 per cent before closing 1.6pc higher, lifted by gains in heavyweight real estate and banking stocks. Emirates NBD Bank jumped 7.3pc, its second-biggest intraday gain in more than a year, while Emaar Properties added 4pc.
In Abu Dhabi, the index gained 1.1pc. Abu Dhabi National Energy rose 3pc and Two Point Zero Group climbed 5.1pc.
The Dubai index trimmed year-to-date losses to 9.5pc, while Abu Dhabi is down 4.7pc, LSEG data shows.
Any signs of easing tensions could lift equities further given solid domestic fundamentals in the UAE, said George Pavel, general manager at Naga.com Middle East.
Saudi Arabia’s benchmark erased earlier declines to close 0.03pc higher, supported by banking stocks. Al Rajhi Bank gained 3.3pc and Saudi National Bank rose 3.1pc. Saudi Aramco fell 1.5pc and Saudi Arabian Mining dropped 6.8pc.
Crude oil exports from Saudi Arabia’s western Yanbu port rose to nearly 4 million barrels per day last week, up sharply from levels before the Iran war, shipping data shows.
Qatar’s index slid 1.4pc, extending losses from its previous session on March 18, led by financial and energy stocks. Qatar National Bank fell 3.5pc and Qatar Gas Transport (Nakilat) lost 5.4pc.
Oman’s index gained 1.9pc and Boursa Kuwait slipped 0.3pc.
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