Most Gulf stock markets ended lower yesterday on doubts over whether US-Iran talks in Doha will make any progress to end the four-month-old war.
Saudi Arabia’s benchmark stock index edged 0.1 per cent up yesterday, with shares in ACWA Power gaining 2.8pc.
Dubai’s main share index dropped 0.6pc, with top lender Emirates NBD (ENBD) retreating 1.8pc on reports it is considering acquiring HSBC’s Turkish unit.
ENBD shares may stay under pressure in the near term as investors price in capital, integration, and execution risks tied to another potentially large overseas deal so soon after its bid for a 26pc stake in India’s RBL Bank, said Daniel Takieddine, CEO of Sky Links Capital Group.
According to Takieddine, in the longer run, a broader footprint across Turkiye and South Asia could help diversify earnings, reduce reliance on the domestic market, and reinforce the bank’s long-term growth prospects.
In Abu Dhabi, the index fell 0.4pc.
The Qatari index eased 0.1pc, weighed down by a 2.2pc fall in the Gulf’s biggest lender Qatar National Bank.
Outside the Gulf, Egypt’s blue-chip index advanced 1.3pc, as most of its constituents were in positive territory. The International Monetary Fund said on Monday it had reached a staff-level agreement with Egypt on two programme reviews, potentially unlocking about $1.6 billion subject to executive board approval.
&uuid=(email))