UAE Stocks Edge Lower as Markets Await US' Response to Iranian Proposal

07:40 AM EDT, 09/29/2026 (MT Newswires) -- Emirati stocks closed Tuesday's trading session in the red as regional uncertainty persisted ahead of the US government's response to Iran's proposal to reopen the Strait of Hormuz. At the close of Tuesday trading, the FTSE ADX General Index fell 0.268%, while the DFM General Index was down 0.173%. Iran expects to receive the US' final response to its proposal to reopen the Strait of Hormuz following discussions involving Qatari intermediaries, Arab News reported. "The current focus is solely on the Strait of Hormuz, and the reopening of the strait is contingent upon the fulfillment of certain conditions that we have communicated to the other side," Iran's Foreign Minister Abbas Araghchi said late Monday. Meanwhile, the US-Iran war also continued to weigh on oil prices as Brent crude oil futures traded at nearly $104.257 per barrel as of 3:34 pm UAE time, down 0.97% from the previous day. Back at home, Abu Dhabi National Oil Co., or Adnoc, and Kuwait Petroleum Corp. reportedly increased Asian naphtha exports to nearly 1.6 million metric tons in August and September, up from 700,000 tons in March and April. The energy companies used ship-to-ship transfers to bypass the Strait of Hormuz, Reuters reported, citing shipping data from trade sources. On the corporate side, Emirates Integrated Telecommunications Co. (DFM:DU), d/b/a Du joined forces with Australia's Sapia.ai to integrate artificial intelligence into its hiring process. The collaboration will feature AI-driven chat interviews designed to speed up and standardize recruitment for corporate and frontline roles. Shares of the telecommunications company closed 0.33% in the red.