Gulf shares slip as geopolitical tensions rise

DUBAI: Stock markets in the Gulf tracked global shares lower on Thursday as tension between Russia and Ukraine kept investors on edge, while Egypt’s index snapped a four-day losing streak.

Russia launched an intercontinental ballistic missile during an attack on Ukraine, Kyiv’s air force said, after Ukraine fired US and British missiles at targets inside Russia this week.

The Abu Dhabi benchmark index was down 1% with most of its constituent shares falling. First Abu Dhabi Bank, the UAE’s largest lender, dropped 2.1% and Abu Dhabi Ports lost 0.6%.

UAE port operator, AD Ports, has signed a framework agreement with the Egyptian Government to build, operate and transfer an economic zone in East Port Said.