Major stock markets in the Gulf rose in early trade on Tuesday, on course to recover some losses as fears of wider geopolitical strife eased.
Saudi Arabia's benchmark index gained 0.6% © Mena Today
Major stock markets in the Gulf rose in early trade on Tuesday, on course to recover some losses as fears of wider geopolitical strife eased.
Iran said on Friday that it had no plan to retaliate following an apparent Israeli drone attack within its borders, which in turn followed an Iranian missile and drone attack on Israel days before.
Saudi Arabia's benchmark index gained 0.6%, with Saudi Aramco advancing 0.5%, after the oil giant said it is in talks to acquire a 10% stake in China's Hengli Petrochemical.
The deal would further bolster Aramco's growing downstream presence in China.
Dubai's main share index rose 0.5%, led by a 1% gain in blue-chip developer Emaar Properties.
Meanwhile, banks and finance companies in the United Arab Emirates may defer personal and car loan installments for six months to help deal with the repercussions of last week's storm, the UAE central bank said on Monday.
The UAE last week suffered the heaviest rains in 75 years, causing widespread flooding which trapped residents in traffic, offices and homes and left many people counting the costs of damage to vehicles and property.
In Abu Dhabi, the index was up 0.2%.
The Qatari benchmark added 0.5%, on track to snap three sessions of losses, with the Gulf's biggest lender Qatar National Bank rising 1.1%.
HSBC in the UAE has become the first market in the bank's global network to launch an upgrade to its Global Money Account, a fully integrated multi-currency account and debit card designed for the way international customers live, earn, travel and support family across borders.
Iran has sufficient foreign currency reserves despite U.S. sanctions, Central Bank Governor Abdolnaser Hemmati said on Tuesday, after U.S. Treasury Secretary Scott Bessent said Tehran was lashing out because it was losing the economic war.
Iranian leaders are acknowledging the economic toll of war with the U.S., with the supreme leader urging the government to address the hardship and the president saying foreign trade has shrunk by a third due to the American sanctions and blockade.
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