DUBAI: Most Gulf bourses closed slightly higher on Monday, supported by limited signs that the Middle East conflict may be resolved.
US President Donald Trump said the United States would begin efforts on Monday morning to assist ships stranded in the Strait of Hormuz, without providing details. Iran’s military warned US forces on Monday not to enter the Strait. Trump has made securing a nuclear deal with Tehran a priority, but Iran wants to delay nuclear talks until after the war.
Fars news agency reported on Monday, citing local sources, that Iran had struck a US warship attempting to pass through the Strait, forcing it to turn back. US Central Command denied that any US Navy vessels had been hit.
Dubai’s main share index rose 0.2 percent, led by a 1,7 percent rise in blue-chip developer Emaar Properties.
Investors remained cautious in the face of ongoing geopolitical uncertainty in the region. Positive impetus for regional markets connected to efforts to reopen the Strait of Hormuz was undercut by fresh incidents in the waterway, said Daniel Takieddine Co-founder and CEO, Sky Links Capital Group.
In Abu Dhabi, the index added 0.3 percent, boosted by a rally in companies tied to oil major Abu Dhabi National Oil Company (ADNOC).
ADNOC Drilling jumped 9.2 percent, ADNOC Gas gained 1.2 percent and ADNOC Logistics & Services added 1.2 percent.
Comments