Business Recorder
Stock markets in the Gulf ended mixed on Tuesday, with little clarity on the prospects for an end to the two-month long war between Iran, the United States and Israel. U.S. President Donald Trump is dissatisfied with Iran’s latest proposal for ending hostilities, a U.S. official said, dimming hopes for an agreement that would end a war that has disrupted energy supplies, stoked inflation, and claimed thousands of lives. Tehran’s latest proposal includes a deferral of discussion on Iran’s nuclear program until the war ends and disputes over Gulf shipping are settled. Saudi Arabia’s benchmark index edged 0.1% higher, with the country’s biggest lender by assets Saudi National Bank rising 0.9%. Oil major Saudi Aramco gained 0.7%. Brent crude futures for June climbed $3.93, or 3.63%, to $112.16 a barrel by 1210 GMT. “Elevated oil prices could continue to support the energy sector and help secure the rest of the market,” said Daniel Takieddine co-founder and CEO, Sky Links Capital Group. The Qatari index fell 0.2%, hit by a 0.7% drop in Qatar Islamic Bank . Meanwhile, Gulf Cooperation Council (GCC) economies are heading into their worst downturn since the pandemic, with several expected to contract this year due to spillover effects from the war on the region’s doorstep. Dubai’s main share index slipped 0.2%, weighed down by a 2% fall in top lender Emirates NBD and a 0.8% decrease in budget airline Air Arabia . Separately, Dubai Investments , whose shares fell 1%, is considering an initial public offering of 24% of its subsidiary Dubai Investments Park, while also evaluating a potential listing for its other subsidiary Glass LLC, with part of the proceeds earmarked to support its dividend policy. In Abu Dhabi, the index inched 0.1% higher. The UAE said on Tuesday it was leaving OPEC and OPEC+, dealing a major blow to the producer group, including Saudi Arabia, as the Iran war rattles global energy markets. The UAE energy minister told Reuters the move gives Abu Dhabi more flexibility and said it did not directly consult other members, including Saudi Arabia, beforehand. Outside the Gulf, Egypt’s blue-chip index retreated 0.9%. Saudi Arabia rose 0.1% to 9,836 Abu Dhabi added 0.1% to 9,836 Dubai eased 0.2% to 5,858 Qatar lost 0.2% to 10,623 Egypt declined 0.9% to 52,231 Bahrain was up 0.3% to 1,958 Oman gained 1.1% to 8,228 Kuwait dropped 0.5% to 9,406
Go to News Site