MOST Gulf equities ended lower yesterday as investors remained cautious over fast-moving developments in the Middle East, and Iran said it was reviewing a US proposal to end the conflict.
Dubai’s main share index – which jumped more than 4 per cent in the previous session – slid 3.2pc, with Emaar Properties retreating 4.7pc and top lender Emirates NBD tumbling 5pc.
In Abu Dhabi, the index dropped 1.8pc, hit by a 2.6pc fall in Aldar Properties. GCC equity markets experienced pressure amid intensifying geopolitical risks, which continued to weigh on investor sentiment and reinforce caution across the region, Milad Azar market analyst at XTB Mena.
The Qatari index declined 1.3pc, weighed down by a 1.2pc fall in Qatar Islamic Bank and a 4.1pc slide in Qatar Gas Transport. According to Azar, GCC markets will remain vulnerable to geopolitical shifts, but diplomatic progress and strong macro fundamentals could support a rebound.
Saudi Arabia’s benchmark index reversed early losses to finish 0.1pc higher, helped by a 1.6pc gain in petrochemical maker Saudi Basic Industries Corp and a 0.5pc increase in oil behemoth Saudi Aramco. Oil rose more than 3pc, rebounding from the previous session’s losses, as prospects for a prolonged conflict in the Middle East stoked concerns over further supply disruptions.
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