Aramco shows slight drop
Emaar up 1.2 percent
Major stock markets in the Gulf were subdued in early trade on Tuesday with investors cautious as fighting between Iran and Israel entered its fifth day, sparking fears of potential regional instability.
Iranian media reported explosions and heavy air defence fire in Tehran. In Israel, air raid sirens sounded in Tel Aviv in response to Iranian missiles.
US president Donald Trump, returning early from the G7 summit in Canada on Monday night, urged Iranians to evacuate Tehran, citing the country’s rejection of a deal to curb nuclear weapons development.
Saudi Arabia’s benchmark index traded flat, a day after posting a 1.3 percent gain. Acwa Power Company declined 3.7 percent and oil major Saudi Aramco was down 0.4 percent.
The Qatari index inched 0.1 percent higher, helped by a 0.2 percent gain in petrochemical maker Industries Qatar.
Investors are also watching for details from the US Federal Reserve meeting scheduled to start later in the day, with a decision expected on Wednesday.
The Fed is expected to hold rates steady but the focus yet again will be on the path its Chair Jerome Powell charts out for future rate cuts. Traders are currently pricing in two cuts by the end of the year.
In Abu Dhabi, the index was up 0.1 percent in a choppy trade.
Dubai’s main share index added 0.1 percent, with blue-chip developer Emaar Properties putting on 1.2 percent.
