Dubai stock market rises on Iran conflict pause
Dubai’s benchmark stock index rose nearly 7%, after the US and Iran agreed on a two-week conditional ceasefire in a conflict that has had profound socio-economic impacts on the region.
The Dubai Financial Market General Index rose 6.91% or 373 points to close at 5777.47 on Wednesday. Real estate companies, banks and airlines reported the highest gains, with Dubai’s flagship develop Emaar rising 13%. Emirates NBD, the emirate’s largest bank by assets registered 10.67% in gains while Dubai Islamic Bank rose 6%.
The Abu Dhabi Stock Exchange also registered modest gains of 2.84% on Wednesday, giving a much-needed respite to investors.
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