MIDEAST STOCKS-UAE stocks outperform Gulf peers in first reaction to US-Iran deal

Tadawul All Shares Index

Tadawul All Shares Index

TASI.SA

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Updates prices, other markets

By Ateeq Shariff

- UAE markets led Gulf gains on Tuesday as they reopened after the holiday for their first chance to price in Sunday's preliminary U.S.-Iran peace accord.

U.S. President Donald Trump said on Monday the two countries had signed a preliminary agreement, although details have yet to be made public. Both sides said a permanent truce remains subject to further negotiations.

On Monday, a senior Iranian official said Iran would freeze its nuclear activity until a final agreement, and refrain from further uranium enrichment or expansion of nuclear facilities.

Dubai's main index .DFMGI jumped 2%, with blue-chip developer Emaar Properties EMAR.DU climbing 4.3%, and lender Emirates NBD Bank ENBD.DU up 3.8%.

Among other gainers, budget airliner Air Arabia AIRA.DU advanced 4.6%.

Abu Dhabi's benchmark index .FTFADG gained 1.2%, with the UAE's largest lender First Abu Dhabi Bank FAB.AD rising 1.4% and real estate giant Aldar Properties ALDAR.AD climbing 3.1%.

Saudi Arabia's benchmark index .TASI added 0.6%, with the country's biggest lender by assets Saudi National Bank 1180.SE putting on 1.1%.

Elsewhere, oil giant Saudi Aramco 2222.SE was up 0.7%.

However, Brent crude futures LCOc1 were down 0.5% by 0631 GMT as markets weighed prospects for a resumption of supply through the key Strait of Hormuz against shaky physical market drivers and a lack of details on the U.S.-Iran deal. O/R

In Qatar, the index .QSI inched 0.2% higher, with telecoms firm Ooredoo ORDS.QA climbing 1.7%.