UAE stock markets decline amid uncertainty over US-Iran agreement

Tadawul All Shares Index

Tadawul All Shares Index

TASI.SA

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From Muhammad Idris

- UAE stock markets closed lower on Friday as investors remained cautious amid uncertainty over the prospects for a ceasefire agreement between the United States and Iran after planned talks were cancelled and Israeli attacks intensified in Lebanon.

Switzerland said that US talks with Iranian negotiators on a deal to end the conflict in the Middle East would not take place today after US Vice President J.D. Vance canceled plans to travel to Switzerland, adding to the uncertainty over the possibility of reaching a permanent ceasefire.

The Dubai index fell 1.7 percent, ending a four-session winning streak, with shares of Emirates NBD bank down 4.4 percent and Salik toll collection stock down 2.3 percent.

But shares of Amanat Holdings, an investment company in the healthcare and education sectors, rose 0.8 percent after it completed its acquisition of an additional 10.03 percent stake in Cambridge Health Group for 105 million dirhams ($28.59 million).

Abu Dhabi's benchmark index fell 1 percent, with most listed stocks declining. Aldar Properties shares dropped 1.8 percent, and E&P Telecom shares fell 2 percent.

Shares of First Abu Dhabi Bank fell 2.2 percent, and shares of Abu Dhabi Commercial Bank fell 2.9 percent.

The UAE stock markets declined after gains in consecutive sessions. Joseph Daher, managing director of Techmill, said that overall sentiment remains positive and could help support stocks, but caution may limit the potential for gains before new diplomatic progress is made.

Data from the London Stock Exchange Group showed that Dubai's index rose 3.5 percent to record its biggest weekly gain since the ceasefire was announced in April, and that Abu Dhabi's index also recorded a weekly increase of 2.2 percent.

(US Dollar = 3.6727 UAE Dirhams)