MOST Gulf stock markets ended lower yesterday as uncertainty over US-Iran peace negotiations weighed on risk sentiment.
Dubai’s main share index dropped 0.7 per cent, with top lender Emirates NBD retreating 1.7pc. In Abu Dhabi, the index was down 0.3pc.
The Qatari index lost 0.3pc, with Qatar Islamic Bank falling 1.6pc. Investors continue to monitor developments in the region closely, said Milad Azar, market analyst at XTB Mena.
Uncertainty over the status of diplomatic talks, coupled with ongoing geopolitical tensions, may continue to restrain risk appetite, he said, adding that the continued closure of the Strait of Hormuz could further weigh on market sentiment. However, expectations of progress toward a potential resolution may help limit downside risks and also channel a possible rebound, according to Azar.
Saudi Arabia’s benchmark index, however, edged 0.1pc higher, helped by a 2.2pc rise in petrochemical maker Saudi Basic Industries Corp.
Outside the Gulf, Egypt’s blue-chip index edged 0.1pc.
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