UAE bourses edge higher as Trump predicts Mideast de-escalation

UAE stock markets reversed 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.