Stock markets across the Gulf opened Tuesday with a cautiously upbeat tone, as remarks from Donald Trump suggesting the possibility of easing tensions in the Middle East lifted investor sentiment.
In Dubai, the main share index climbed 1.5%, led by strong gains in banking stocks. Shares of Emirates NBD surged 2.9%, while Dubai Islamic Bank advanced 3.9%. Exchange operator Dubai Financial Market delivered one of the day’s sharpest moves, jumping 10.5%.
The rally, however, was tempered by losses in the property sector. Blue-chip developer Emaar Properties slid 4.1%, reflecting lingering caution as geopolitical uncertainty continues to hover over regional markets.
Trading in neighboring Abu Dhabi was more uneven. The local benchmark dipped 0.1%, weighed down by a 4.7% decline in shares of real estate giant Aldar Properties.
Regional regulators have already taken steps to calm market volatility. The UAE Securities and Commodities Authority recently introduced temporary measures, including a brief trading suspension earlier this month and a short-term 5% floor on daily declines across the emirate exchanges to prevent sharp sell-offs.
Elsewhere in the Gulf, stocks in Qatar advanced 0.7%. Petrochemical heavyweight Industries Qatar rose 1.3%, while telecom provider Ooredoo gained 1.8%.
In Saudi Arabia, the benchmark index edged up 0.2%, supported by a 1.4% increase in shares of Al Rajhi Bank.
Energy giant Saudi Aramco moved in the opposite direction, dropping 2.3% after reporting a notable decline in annual profit, largely attributed to weaker crude prices.
Meanwhile, oil markets cooled slightly after surging to a more than three-year high in the previous session, as traders weighed the prospect of reduced regional tensions against ongoing uncertainty.
