Iran nuclear deal fails to stir Arabian Gulf stocks

The announcement of a historic deal over Iran’s disputed nuclear programme failed to make much of an impact on Arabian Gulf stock markets yesterday.

Tehran’s Tedpix share index ended the day 0.3 per cent up on the news, its highest one-day gain since April. However, Oman’s MSM 30 Index and the Kuwaiti bourse were the only GCC index to finish the day more than 0.5 per cent changed, closing up 0.8 per cent.

Shares in Abu Dhabi closed higher for the fourth day on a row yesterday, even as Dubai stocks shed early gains to end unchanged.

The Abu Dhabi Securities Exchange General Index rose 0.4 per cent at 4,776.89, its highest close in three weeks.

ADCB was among the strongest gainers of the day, closing 2 per cent up at Dh7.87.

Etisalat, meanwhile, edged up for the third consecutive day, closing 0.7 per cent higher at Dh14.40. Taqa climbed 2.9 per cent at 69 fils.

The Dubai index shares rose by as much as 0.7 per cent in the first hour of trading before erasing gains in the afternoon to finish down 0.01 per cent at 4,052.57.

Modest gains by Emaar Properties, Deyaar Development and Emaar Malls were counterbalanced by Aramex and Dubai Islamic Bank, which fell by 1.4 per cent and 0.2 per cent respectively.

In the wider region, Emaar’s Egyptian subsidiary Emaar Misr continued to regain ground in line with a wider recovery in Egyptian equities over the past week.

Emaar Misr’s shares finished the day up 2.68 per cent at 3.4 Egyptian pounds, 4 per cent up from for the week, but still 9.2 per cent below their listing price of 3.80 Egyptian pounds.

jeverington@thenational.ae

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