Wall Street closes at a record for the first time since end of January
Investing.com -- Most Gulf stock markets declined on Thursday as a fragile regional truce appeared to be under pressure, with investors concerned over prolonged geopolitical risks.
The ceasefire’s durability was questioned on Wednesday as Israel continued strikes on Lebanon, with Iran saying it would be "unreasonable" to pursue talks on a lasting peace deal. Israel and the United States both said the two-week ceasefire did not cover Lebanon, and Israeli Prime Minister Benjamin Netanyahu said the strikes would continue.
Iran targeted oil infrastructure in neighbouring Gulf states, including a Saudi pipeline used as an alternative route to the blockaded Strait of Hormuz, an oil industry source said. Kuwait, Bahrain and the UAE reported missile and drone strikes.
Dubai’s main share index dropped 1.5%, a day after gaining more than 6%, weighed down by a 3.9% slide in blue-chip developer Emaar Properties (DFM:EMAR) and a 3.3% fall in top lender Emirates NBD (DFM:ENBD). Budget airliner Air Arabia (DFM:AIRA) advanced 1.8%.
In Abu Dhabi, the index fell 0.3%, with Aldar Properties (ADX:ALDAR) down 3.2%.
The Qatari index closed 0.2% lower, with the Gulf’s biggest lender Qatar National Bank (QE:QNBK) falling 0.3%. Saudi Arabia’s benchmark index was unchanged. Saudi Aramco (TADAWUL:2222) gained 0.8%.
The UAE will seek clarity on the terms of the two-week U.S.-Iran ceasefire to ensure Tehran fully commits to halting regional attacks and unconditionally reopening the Strait of Hormuz, a Foreign Ministry spokesperson said on X.
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