Most Gulf equities rose in early trade on Wednesday, with Dubai outperforming as markets clawed back some lost ground despite the conflict in the Middle East.
Israel stepped up its offensive by killing Iran’s security chief, while Iran renewed attacks on oil facilities in the United Arab Emirates. A senior Iranian official said the country’s new supreme leader had rejected de-escalation proposals relayed through intermediaries, dimming prospects of a swift end to a conflict that has sent global oil prices surging.
Dubai’s main share index rose 2.3%, buoyed by a 7.2% jump in top lender Emirates NBD and a 5.2% gain in blue-chip developer Emaar Properties.
In Abu Dhabi, the index added 1.4%, with Aldar Properties climbing over 6%.
The rebound highlights the UAE’s financial resilience and long-term appeal to investors, said Samer Hasn, senior market analyst at XS.com. He said recent weakness may offer attractive entry points, supported by the country’s regulatory framework, political stability and business-friendly environment.
The Qatari benchmark gained 0.9%, with the Gulf’s biggest lender Qatar National Bank rising 1.8%.
Ratings agency S&P affirmed Qatar National Bank’s ‘A+/A-1’ ratings with a stable outlook.
Oman’s index edged up 0.2% and Bahrain’s rose 0.3%.
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