The Dubai stock market led Gulf stocks lower yesterday as renewed military action between the US and Iran near the Strait of Hormuz weighed on risk appetite.
Dubai’s main index fell 0.8 per cent, with most constituents trading lower.
Emirates NBD Bank, the emirate’s largest lender, dropped 2.3pc, while developer Emaar Properties declined 1.8pc.
Abu Dhabi’s benchmark lost 0.4pc, pressured by a 3.3pc fall in Abu Dhabi Islamic Bank and a 1.7pc decline in Aldar Properties.
Qatar’s benchmark slipped 0.6pc, with most sectors in negative territory.
Qatar Fuel Company fell 6.7pc, while Qatar National Bank, the region’s largest lender, lost 0.6pc.
Saudi Arabia’s benchmark index was down 0.3pc as real estate and information technology led the broad-based declines.
Outside the Gulf, Egypt’s blue-chip index eased 0.1pc, pressured by finance, healthcare and communications stocks.
Commercial International Bank fell 1.3pc, while E-finance slipped 1.9pc.
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