UAE stocks bounce back amid hopes of regional de-escalation
June 20 (Reuters) - Stock exchanges in the United Arab Emirates rebounded on Friday, buoyed by hopes of a potential de-escalation in regional tensions. Investor sentiment improved following European efforts to bring Tehran back to the negotiating table and a pause in U.S. involvement in the Middle East conflict.
The White House said on Thursday that President Donald Trump would decide on "whether or not to go" with U.S. involvement in the conflict in the next two weeks, citing the possibility of negotiations involving Iran in the near future.
Dubai's main index (.DFMGI), opens new tab snapped a three-day losing streak, rising 1.6%, driven by gains in real estate and materials sector stocks.
Among the top performers, Dubai's developer Emaar Properties (EMAR.DU), opens new tab jumped 1.2%, while state-owned Parkin Company (PARKIN.DU), opens new tab advanced 4.8%.
Separately, UAE created a new ministry of foreign trade, and appointed Thani al Zeyoudi as its minister, the United Arab Emirates prime minister and Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum said in a post on X on Friday.
Abu Dhabi's benchmark index (.FTFADGI) also rebounded, gaining 1% after three consecutive sessions of losses. First Abu Dhabi Bank (FAB.AD), opens new tab rose 2.7%, while Adnoc Gas (ADNOCGAS.AD), opens new tab advanced 2.5%.
Real estate developer Aldar Properties (ALDAR.AD), opens new tab gained 4.5% after reporting over AED 3.5 billion in sales at its Fahid Beach Residences and The Beach House projects.
Despite Friday's gains, Dubai's index posted a second consecutive weekly loss, down 0.2% after nine straight weeks of gains. Abu Dhabi mirrored the trend with a 0.5% weekly decline, according to LSEG data.
Meanwhile, oil prices — a key driver of Gulf financial markets — fell 2.3% to $77.04 per barrel as of 11:40 GMT.
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