UAE equities close mixed on fears of escalation in Middle East conflict
- Dubai’s main share index dropped 0.5%
Stock markets in the United Arab Emirates closed mixed on Friday, as fears of further escalation in Iran war weighed on risk appetite after U.S. President Donald Trump renewed his threat to strike Iran’s power and transportation infrastructure.
The U.S. military “hasn’t even started destroying what’s left in Iran. Bridges next, then Electric Power Plants”, Trump wrote on social media.
Kuwait said an Iranian attack hit a power and water desalination plant on Friday, causing material damage to parts of the facility.
Dubai’s main share index dropped 0.5%, dragged down by a 4.9% decline in each of blue-chip developer Emaar Properties and its construction arm Emaar Development.
India’s central bank has approved Emirates NBD Bank’s proposal to acquire a majority stake in RBL Bank, the Mumbai-based lender said on Thursday, giving a key regulatory clearance for one of the largest cross-border deals in India’s financial sector.
Emirates NBD Bank shares closed 0.4% down.
However, Abu Dhabi’s benchmark index edged 0.2%, supported by a 1% rise in Abu Dhabi Islamic Bank and 0.4% hike in petrochemical maker Borouge.
Oil prices, a key component of Gulf’s economies, settled 8% higher on Thursday, as traders worried about prolonged disruptions to oil supply. Brent crude was up 8% at $109.24 a barrel.
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