Most Gulf equities gain, UAE banks rise on central bank’s package

DUBAI: Most Gulf equities closed higher on Wednesday, with UAE markets lifted by financial stocks after the country’s central bank launched a resilience package, helping investors claw back some losses due to the Iran war and wider Middle East conflict.

Israel stepped up its offensive by killing Iran’s security chief, while Iran renewed attacks on oil facilities in the United Arab Emirates. A senior Iranian official said the country’s new supreme leader had rejected de-escalation proposals relayed through intermediaries, dimming prospects of a swift end to a conflict that has sent global oil prices surging.

Dubai’s main share index rose as much as 3.4 before concluding 0.8percent higher, helped by a 4.4percent rise in blue-chip developer Emaar Properties. Elsewhere, MashreqBank advanced 4.8percent. However, top lender Emirates NBD - which surged more than 9percent - closed 0.9percent higher.