MIDEAST STOCKS-Gulf markets mixed after renewed US-Iran hostilities

ALRAJHI
SNB

ALRAJHI

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SNB

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Updates to closing prices, analyst comment

By Ateeq Shariff

- Stock markets in the Gulf ended mixed on Wednesday after the U.S. and Iran traded fresh strikes.

Iran's Revolutionary Guards said they attacked a U.S. base in Jordan and 21 other Gulf targets in retaliation for American strikes near the Strait of Hormuz, Iranian media reported.

The U.S. military said on X that it struck Iranian air defense systems, ground control stations and surveillance radar sites near the strait after President Donald Trump said Iran had downed a U.S. Apache helicopter on Tuesday.

The clashes mark one of the biggest exchanges of hostilities since the two countries agreed to a ceasefire in April, deepening doubts about prospects for a deal to end the war which began on February 28.

Saudi Arabia's benchmark index .TASI fell 0.9%, pressured by a 2.3% fall in the country's biggest lender by assets Saudi National Bank 1180.SE and a 0.4% decrease in oil major Saudi Aramco 2222.SE.

Meanwhile, Brent futures LCOc1 were up $1.74, or 1.9%, at $93.19 a barrel by 1127 GMT. O/R

Dubai's main share index .DFMGI lost 0.5%, with top lender Emirates NBD falling ENBD.DU 1.3% and blue-chip developer Emaar Properties EMAR.DU losing 1.4%.

In Abu Dhabi, the index .FTFADGI was up 0.2%.

GCC stock markets have come under pressure as recent military incidents make investors cautious, though hopes that tensions will remain contained and diplomacy can advance may limit the broader impact on sentiment, said Milad Azar, market analyst at XTB MENA.

The Qatari index .QSI reversed early losses to close 0.1% higher, helped by a 0.8% rise in the Gulf's biggest lender Qatar National Bank QNBK.QA.

Outside the Gulf, Egypt's blue-chip index .EGX30 retreated 2.1%.

Saudi Arabia

.TASI dropped 0.9% to 11,013

Abu Dhabi

.FTFADGI rose 0.2% to 9,547

Dubai

.DFMGI lost 0.5% to 5,758

Qatar

.QSI edged 0.1% higher to 10,289

Egypt

.EGX30 declined 2.1% to 51,257

Bahrain

.BAX added 0.3% to 1,985

Oman

.MSX30 was up 0.3% to 7,651

Kuwait

.BKP finished flat at 9,176