Losses in most Gulf stock markets due to developments in the Iran war

ACWA

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- Most major Gulf stock markets fell in early trading on Wednesday as fighting resumed after talks between the United States and Iran stalled.

Fighting in the Gulf escalated again today, with the US military reporting that Iranian missile attacks targeting Bahrain, Kuwait and other locations in the region were intercepted or did not reach their targets, while diplomatic efforts between Washington and Tehran remain stalled.

Iran's Revolutionary Guard claimed responsibility for an attack on the U.S. Fifth Fleet headquarters. While Iran and the United States announced last week that they had reached a preliminary agreement to end the war, neither side has formally ratified the deal.

Dubai's main index fell 0.6 percent, with shares of Emirates NBD, the emirate's largest bank, dropping 1.1 percent and shares of leading real estate developer Emaar Properties declining 0.9 percent.

The index in Abu Dhabi fell 0.5 percent.

Reports indicate that Iran has not made any contact with the United States for several days, despite US President Donald Trump saying that negotiations are continuing without interruption.

The Qatari index fell 0.3 percent, with shares of Qatar National Bank, the largest bank in the Gulf, declining 0.5 percent.

The Saudi benchmark index bucked the trend and rose 0.2 percent, supported by a 1.3 percent gain in ACWA Power shares.