UAE stock marketsreversed early losses to edge higher on Tuesday following President Donald Trump’s remarks that the Middle East conflict could end soon.
Still, hopes of a quick resolution were undermined by Iran’s military, which signaled it would continue the conflict.
Dubai’s main share index rose 0.6%, helped by a 2.8% rise in top lender Emirates NBD and a 2.5% increase in sharia-compliant lender Dubai Islamic Bank.
Among other gainers, Dubai Financial Market -which operates the emirate’s stock exchange- jumped 7.5%.
On the other hand, blue-chip developer Emaar Properties dropped 4.9%.
In Abu Dhabi, the index was up 0.5%, with Abu Dhabi Commercial Bank climbing 4.1%.
Oil prices fell by more than 5% following Trump’s comments.
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