Most Gulf stock markets fell yesterday as a fragile regional truce appeared to be under strain, spooking investors and reviving concerns over prolonged geopolitical and inflationary risks.
Dubai’s main share index dropped 1.5 per cent, a day after gaining more than 6pc, weighed down by a 3.9pc slide in blue-chip developer Emaar Properties and a 3.3pc fall in top lender Emirates NBD.
Budget airliner Air Arabia advanced 1.8pc.
In Abu Dhabi, the index fell 0.3pc, with Aldar Properties down 3.2pc.
Although initial optimism has softened, upside potential remains intact provided geopolitical conditions stabilise further and the outlook becomes clearer, said Daniel Takieddine, co-founder and CEO, Sky Links Capital Group.
The UAE will seek clarity on the terms of the two-week US-Iran ceasefire to ensure Tehran fully commits to halting regional attacks and unconditionally reopening the Strait of Hormuz, a Foreign Ministry spokesperson said on X.
The Qatari index pared losses to close just 0.2pc lower, with the Gulf’s biggest lender Qatar National Bank falling 0.3pc.
Saudi Arabia’s benchmark index was unchanged.
Saudi Aramco gained 0.8pc.
The kingdom has an edge over regional neighbours as it can reroute its oil exports.
A Reuters analysis showed Saudi Arabia benefited from higher oil prices with estimated March oil revenue rising from a year earlier, while countries without alternative routes lost billions.
Outside the Gulf, Egypt’s blue-chip index advanced 1pc, led by a 1.3pc rise in Commercial International Bank.
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