Most Gulf stock markets ended lower yesterday.
Saudi Arabia’s benchmark index dropped 0.6 per cent, hit by a 0.8pc fall in Al Rajhi Bank and a 0.6pc decrease in oil major Saudi Aramco.
The Qatari index retreated 1.1pc, as most of its constituents were in negative territory, including Qatar Islamic Bank, which declined 2.8pc. Renewed uncertainty over the Iran war is weighing on sentiment. Daniel Takieddine, co-founder and CEO of Sky Links Capital Group, said markets are likely to remain cautious, with limited risk appetite until there is clearer progress toward a resolution and the Strait of Hormuz reopens.
In Abu Dhabi, the index was down 0.5pc, with the country’s biggest lender First Abu Dhabi Bank falling 2.6pc, as the lender has exposure to the insolvencies of properties linked to mortgage lender Market Financial Solutions, according to the Financial Times.
Dubai’s main share index bucked the trend to close 0.3pc higher, helped by a 2.8pc rise in toll operator Salik.
Oil prices rose more than 2pc in early trading yesterday, stoking concerns around inflation and interest rate hikes.
Outside the Gulf, Egypt’s blue-chip index rose 0.4pc.
&uuid=(email))