Gulf bourses slip as Iran-US escalation dents risk appetite
BENGALURU: The Dubai stock market led Gulf stocks lower on Monday as renewed military action between the U.S. and Iran near the Strait of Hormuz weighed on risk appetite. American forces struck two Iranian launchers on Larak Island in the Strait of Hormuz on Sunday, prompting Tehran to retaliate with attacks on U.S. forces stationed in Jordan. Iran also said it struck a tanker transiting through the strategic waterway. The United Arab Emirates said its air force engaged a drone over its territorial waters that had originated from Iran, according to a defence ministry statement on Monday. Dubai’s main index fell 0.8%, with most constituents trading lower. Emirates NBD Bank , the emirate’s largest lender, dropped 2.3%, while developer Emaar Properties declined 1.8%. Abu Dhabi’s benchmark lost 0.4%, pressured by a 3.3% fall in Abu Dhabi Islamic Bank and a 1.7% decline in Aldar Properties . Conglomerate Alpha Dhabi Holding shed 1.2%. Earlier on Monday, Alpha Dhabi said it doubled its commitment to $1 billion for its private-credit joint venture with Abu Dhabi wealth fund Mubadala Investment. Qatar’s benchmark slipped 0.6%, with most sectors in negative territory. Qatar Fuel Company fel
BENGALURU: The Dubai stock market led Gulf stocks lower on Monday as renewed military action between the U.S. and Iran near the Strait of Hormuz weighed on risk appetite. American forces struck two Iranian launchers on Larak Island in the Strait of Hormuz on Sunday, prompting Tehran to retaliate with attacks on U.S. forces stationed in Jordan. Iran also said it struck a tanker transiting through the strategic waterway. The United Arab Emirates said its air force engaged a drone over its territorial waters that had originated from Iran, according to a defence ministry statement on Monday. Dubai’s main index fell 0.8%, with most constituents trading lower. Emirates NBD Bank , the emirate’s largest lender, dropped 2.3%, while developer Emaar Properties declined 1.8%. Abu Dhabi’s benchmark lost 0.4%, pressured by a 3.3% fall in Abu Dhabi Islamic Bank and a 1.7% decline in Aldar Properties . Conglomerate Alpha Dhabi Holding shed 1.2%. Earlier on Monday, Alpha Dhabi said it doubled its commitment to $1 billion for its private-credit joint venture with Abu Dhabi wealth fund Mubadala Investment. Qatar’s benchmark slipped 0.6%, with most sectors in negative territory. Qatar Fuel Company fel
