Most Gulf stock markets ended lower yesterday amid signs that US-Iran talks have stalled, leaving the crucial Strait of Hormuz effectively closed.
Dubai’s main share index fell 1.4pc, hit by a 1.8pc drop in blue-chip developer Emaar Properties and a 1.7pc slide in toll operator Salik. Budget airline Air Arabia declined 2.1pc. While relative calm has offered some support to sentiment, the lack of progress in US-Iran talks is keeping investors cautious and could weigh on stocks, said Joseph Dahrieh, managing director at Tickmill. In Abu Dhabi, the index retreated 0.5pc, with Aldar Properties losing 2.3pc.
The United Arab Emirates’ air defences intercepted two drones from Iran on Sunday, the defence ministry said, the latest in renewed attacks on the oil-rich Gulf state. Saudi Arabia’s benchmark index gained 0.4pc, led by an 8pc surge in ACWA Power after it reported higher first-quarter revenue, despite a fall in profit.
Oil major Saudi Aramco added 0.8pc, a day after reporting a 25pc rise in first-quarter profit, as its East-West pipeline ran at full capacity to offset disruptions linked to the Strait of Hormuz.
The Qatari index eased 0.3pc. A cargo vessel travelling from Abu Dhabi was struck by a drone on Sunday in Qatari waters northeast of Mesaieed port, causing a small fire that was quickly contained, Qatar’s defence ministry said. No injuries were reported, and the vessel continued to port.
Outside the Gulf, Egypt’s blue-chip index fell 0.3pc.
&uuid=(email))