Gulf stock markets declined under pressure from renewed tensions in the Middle East.
Tadawul All Shares Index TASI.SA | 0.00 |
June 8 (Reuters) - UAE stock markets fell in early trading on Monday as renewed fighting in the Middle East dampened investor confidence.
Local media in Iran reported explosions in Tehran, Tabriz and Isfahan early Monday morning, dashing hopes for a near end to the crisis.
However, after Iran launched a barrage of missiles at Israeli targets on Sunday in retaliation for an attack near Beirut, US President Donald Trump said a deal to end the war was still within reach. Reports indicated he urged Israeli Prime Minister Benjamin Netanyahu to refrain from further strikes.
The main Dubai index fell 1.3 percent, weighed down by a 1.2 percent drop in leading real estate developer Emaar Properties and a 1.6 percent decline in Salik toll collection.
Iran has repeatedly stressed that any agreement with Washington will depend on a ceasefire in Lebanon, where Israel launched a ground invasion in March to target fighters from the Iranian-backed Hezbollah group after rocket and drone attacks by the group in solidarity with Tehran.
However, Israel launched another attack on the Beirut area earlier on Sunday, marking its first attack there since the United States unveiled a ceasefire proposal for Lebanon days earlier.
In Abu Dhabi, the index fell 0.9 percent, with International Holding Company shares declining 0.6 percent and First Abu Dhabi Bank, the country's largest bank, dropping 1.3 percent.
The index in Qatar fell 0.9 percent, with shares of Qatar National Bank, the largest bank in the Gulf region, dropping 1.1 percent.
The Saudi index fell 0.1 percent, with Al Rajhi Bank shares dropping 0.5 percent. However, Aramco shares rose 0.7 percent, boosted by higher oil prices.
