Most stock markets in the Gulf ended higher on Monday as fading geopolitical risks, buoyed by hopes of a U.S.-Iran peace deal, boosted investor appetite.
U.S. President Donald Trump announced on Sunday that Washington and Tehran have “largely negotiated” an agreement to end their three-month war and reopen the critical Strait of Hormuz, which had carried a fifth of global shipments of oil and liquefied natural gas before the conflict. However, the two sides remain at odds on several issues, and have played down hopes of an imminent breakthrough.
Dubai’s main share index advanced 1.1%, with blue-chip developer Emaar Properties rising 2.6% and Parkin Company - which oversees public parking operations in the Emirates - increasing 3.6%.
In Abu Dhabi, the index rose 0.5%, led by a 2.4% gain in ADNOC Gas .
Sentiment across GCC stock markets improved as the region moved closer to a possible diplomatic agreement to ease tensions and reopen the Strait of Hormuz, said Milad Azar, market analyst at XTB MENA.
While investors are likely to keep a close watch on further developments in the talks, regional equities could gain support if risk appetite continues to improve, Azar added.
Bahrain’s and Oman’s main indexes were both up 0.9%, extending gains from the previous session.
The Qatari index declined 1.1%, following a gain of more than 3% in the previous session, hit by a 2.7% slide in petrochemical maker Industries Qatar .
Brent crude futures were down $6.01, or 5.8%, at $97.53 a barrel by 1125 GMT.
Outside the Gulf, Egypt’s blue-chip index retreated 0.4%.
The Saudi market remained closed ahead of the upcoming Eid break.
| Abu Dhabi | rose 0.5% to 9,702 |
|---|---|
| Dubai | gained 1.1% to 5,757 |
| Qatar | dropped 1.1% to 10,592 |
| Egypt | down 0.4% to 52,659 |
| Bahrain | added 0.9% to 1,979 |
| Oman | up 0.9% to 7,775 |
| Kuwait | fell 0.7% to 9,304 |
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