Most Gulf stock markets fell yesterday as stalled US-Iran diplomacy revived fears of a prolonged conflict, while reduced traffic through the Strait of Hormuz added to concerns over energy supplies and trade flows.
Saudi Arabia’s benchmark stock index eased 0.1 per cent, dragged down by a 0.5pc fall in Al Rajhi Bank and a 0.8pc decline in oil major Saudi Aramco.
In Qatar, the benchmark stock index declined 1.5pc, with almost all constituents trading in negative territory. Qatar Islamic Bank retreated 2.3pc.
Dubai’s main share index fell 0.5pc, with top lender Emirates NBD losing 1.7pc. The lack of diplomatic progress and persistent regional uncertainty kept investors on edge.
Progress on diplomacy or smoother shipping flows could lift sentiment, while strong local fundamentals should limit downside.
In Abu Dhabi, the index gained 0.3pc, helped by a 14.9pc surge – its biggest since Sept, 2022 – in Abu Dhabi Ports after wealth fund L’IMAD unveiled plans to take the firm private.
L’IMAD, which owns 75.42pc of AD Ports through its wholly owned subsidiary ADQ, has launched a voluntary conditional cash offer to acquire the remaining shares at 6.25 dirhams apiece, it said in a statement.
Outside the Gulf, Egypt’s blue-chip index declined 0.8pc.
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