Middle Eastern stocks lower on geopolitics
June 12 (Reuters) - Stock markets in the Middle East ended lower on Thursday with uncertainty looming after the U.S. decided to relocate personnel from the region ahead of nuclear talks with Iran.
U.S. President Donald Trump said on Wednesday U.S. personnel were being moved out of the Middle East because "it could be a dangerous place", adding that the United States would not allow Iran to have a nuclear weapon.
Saudi Arabia's benchmark index (.TASI), opens new tab declined 1.5%, dragged down by a 1.2% fall in Al Rajhi Bank (1120.SE), opens new tab and a 3.3% decrease in Saudi Arabian Mining Company (1211.SE), opens new tab.
The Saudi bourse retreated, erasing all recent recovery gains and pushing the index back towards early June levels. All sectors posted negative performances, indicating a pervasive risk-off sentiment during today's session, said Milad Azar, market analyst at XTB MENA.
"While solid fundamentals offer a hopeful outlook, the market's reaction was more heavily influenced by geopolitical tensions," Azar said. "However, this impact may be temporary, and the market could reverse course."
Dubai's main share index (.DFGMGI), opens new tab slid 2.3%, its biggest intraday fall in two months, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab dropping 3.4%.
In Abu Dhabi, the index (.FTFADGI), opens new tab finished 1.1% higher.
The decision by the U.S. to evacuate personnel comes at a volatile moment in the region. Trump's efforts to reach a nuclear deal with Iran appear to be deadlocked and U.S. intelligence indicates that Israel has been making preparations for a strike against Iran's nuclear facilities.
Iranian Defence Minister Aziz Nasirzadeh said on Wednesday that if Iran was subjected to strikes it would retaliate by hitting U.S. bases in the region.
The Qatari index (.QSI), opens new tab lost 0.8%, as almost all its constituents were in negative territory including petrochemical maker Industries Qatar (IQCD.QA), opens new tab, which was down 1.4%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was down 1.3%.
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