MOST stock markets in the Gulf ended lower yesterday as renewed conflict in the Middle East weighed on investor sentiment.
Dubai’s main share index dropped 0.6 per cent, hit by a 1.5pc slide in top lender Emirates NBD and a 0.9pc decrease in blue-chip developer Emaar Properties. In Abu Dhabi, the index retreated 1.4pc, with conglomerate International Holding losing 1.4pc and a 0.1pc decrease in Aldar Properties.
The Qatari index slid 2.1pc, with petrochemical maker Industries Qatar dropping 3.8pc. Renewed unrest in the region may keep weighing on risk appetite and prompt investors to remain cautious as they watch for further developments.
While expectations of diplomatic progress may help contain losses to some extent, escalating tensions could continue to undermine that optimism, said George Pavel, general manager at Naga.com Middle East.
Saudi Arabia’s benchmark index gained 0.4pc, with the country’s biggest lender by assets Saudi National Bank gaining 1.5pc. Oil major Saudi Aramco was up 0.6pc.
Outside the Gulf, Egypt’s blue-chip index lost 0.5pc.
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