Mideast Stocks: Middle Eastern stocks lower on geopolitics
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 declined 1.5%, dragged down by a 1.2% fall in Al Rajhi Bank and a 3.3% decrease in Saudi Arabian Mining Company. 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 slid 2.3%, its biggest intraday fall in two months, with blue-chip developer Emaar Properties dropping 3.4%.
In Abu Dhabi, the index 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 lost 0.8%, as almost all its constituents were in negative territory including petrochemical maker Industries Qatar, which was down 1.4%.
Egypt's blue-chip index was down 1.3%.
SAUDI ARABIA fell 1.5% to 10,841
Abu Dhabi lost 2.3% to 5,467
Dubai down 1.1% to 9,694
QATAR dropped 0.8% to 10,627
EGYPT down 1.3% to 32,512
BAHRAIN eased 0.2% to 1,918
OMAN down 1.1% to 4,543
KUWAIT slid 1.4% to 8,918
(Reporting by Ateeq Shariff in Bengaluru, editing by Ed Osmond)
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