Markets Still See Red? Gulf Stock Exchanges End Lower Despite US-Iran Backchannel Hopes

Gulf equities came under pressure on Monday as investors weighed the worsening Middle East conflict against tentative signs of diplomatic engagement between Washington and Tehran. 

Even as the Wall Street soared on hopes of backchannel US-Iran talks and oil slipping below $100 per barrel, the stock exchanges in Gulf countries settled lower.

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Abu Dhabi's benchmark index fell 1.6%, with conglomerate International Holding Company sliding 4.6%, nearly erasing its gains earlier in the session. 

The company has confirmed a corporate restructuring under which Fount Trust will become the ultimate parent of Royal Group for long-term stewardship.

Dubai bucked the broader regional trend, with its benchmark index edging 0.1% higher. Gains in Emirates NBD, which rose 1.3%, helped support the market.

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Saudi Arabia's benchmark index declined 0.6%, weighed down by a 3.4% fall in ACWA Power and a 0.9% decline in Saudi Aramco.

Qatar's benchmark edged 0.1% higher, despite continued concerns over the impact of the Strait of Hormuz disruption on the country's liquefied natural gas exports. 

Qatar Investment Authority is also setting up a domestic investment division as the conflict puts additional pressure on the economy.

Outside the Gulf, Egypt's blue-chip index fell 0.7%. Bahrain declined 0.4%, while Oman's index slipped 0.4%. Kuwait's benchmark ended flat.

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