Gulf stock markets fall due to US-Iran tensions and earnings.
Stock markets in the Gulf slowed in early trading on Thursday, pressured both by a lacklustre earnings report and investor unease over tensions between the United States and Iran. U.S. president Donald Trump met with Israeli prime minister Benjamin Netanyahu on a Wednesday. He later stated that they hadn't reached a "definitive agreement"?regarding Iran but stressed that negotiations would continue. The announcement came just a day after Trump announced that he was considering sending a second aircraft ship to the Middle East in case a deal with Iran is not reached. Oil prices rose on Thursday due to the 'persistent tensions' in the region.
Dubai's main stock index fell 0.2% on Thursday. Blue-chip developer Emaar Properties lost 0.6% before its earnings announcement.
National Cement Co fell 4.5% despite reporting an increase in profit.
The index in?Abu Dhabi was down by 0.1%. ADNOC Drilling's 0.7% decline following a fall in profit for the fourth quarter was to blame.
Industries Qatar, a petrochemical manufacturer, fell 1.4% after a drop in annual profits.
Saudi Arabia's benchmark index rose 0.1%. Petrochemical company Saudi Basic Industries Corp gained 1.8%, while oil giant Saudi Aramco gained 0.3%. (Reporting by Ateeq Shariff in Bengaluru; Editing by Harikrishnan Nair)
(source: Reuters)
