DUBAI: Most Gulf markets ended lower on Monday, as reciprocal strikes by the US and Iran in recent days kept investors on edge despite an agreement between the two countries to stop further attacks.
A renewed push for diplomacy in the Middle East would come after several days of retaliatory strikes, triggered by an Iranian projectile that hit a cargo vessel in the Strait of Hormuz last week. Both sides have since accused each other of violating an interim ceasefire.
Uncertainty over the peace deal’s durability pushed oil prices higher, although crude has since surrendered nearly all of its war-related gains as markets rapidly reassessed the likelihood of easing supply pressures.
Saudi Arabia’s benchmark index dropped 1.1 percent, with most of its constituents posting losses. The country’s biggest lender Saudi National Bank fell 2.2 percent after its intention to redeem its USD1.25 billion additional tier 1 sukuk.
Among other losers, oil giant Saudi Aramco slipped 1.8 percent a day after it snapped an eight-session losing streak.
Dubai’s main share index eased 0.4 percent, with top lender Emirates NBD losing 1.1 percent and budget airline Air Arabia down 1.1 percent.
In Abu Dhabi, the index was down 0.4 percent, hit by a 1.1 percent drop in Abu Dhabi Islamic Bank and a 1.7 percent decline in the UAE’s largest lender First Abu Dhabi Bank .
The Qatari index fell 0.4 percent, with energy and real estate stocks leading the losses. Qatar Gas Transport fell 2.3 percent and Industries Qatar slipped 0.8 percent.
Comments