-- Shares in the United Arab Emirates closed in the red as oil prices rose amid no signs of a resolution of the conflict between the US and Iran.
At the close of Thursday trading, the FTSE ADX General Index lost 0.399%, while the DFM General Index was little changed at 0.034% in the red.
"[The] absence of any peace talks between the US and Iran has led investors to price in a longer conflict again, along with a more extended closure of the Strait of Hormuz. Indeed, the US blockade is still in place, and yesterday Iran said they'd seized two commercial ships in the Strait. So if anything, the latest moves pointed in an escalatory direction," Deutsche Bank Research commented.
As of 3:50 pm UAE time, the Brent crude oil futures stood at nearly $102.604 per barrel, up 0.68% from the previous day.
Back home and on the corporate front, the bourses saw the release of the first-quarter earnings report from the financial sector.
Abu Dhabi Commercial Bank (ADX:ADCB) reported a higher attributable profit of 3.36 billion Emirati dirhams backed by an 18% year-over-year growth in operating income. On the other hand, First Abu Dhabi Bank's (ADX:FAB) attributable profit for the period slipped. Shares of the lenders ended the session flat and 2.11% in the red, respectively.
Dubai-listed Emirates NBD (DFM:EMIRATESNBD) lost 0.14% despite solid first-quarter results backed by an increase in income and asset growth, efficient cost management, and record nonfunded income growth.
"Emirates NBD delivered a 21% higher income yoy of AED 14.4 billion, propelled by strong loan growth and a record non-funded income growth," Emirates NBD Group Chief Executive Officer Shayne Nelson commented. "The Group's balance sheet continues its growth momentum, with total assets exceeding AED 1.2 trillion, driven by strong lending growth of AED 45 billion in the first quarter of 2026," Nelson further added.