DUBAI: Most Gulf stock markets ended subdued on Wednesday in the wake of US President Donald Trump’s shock statement about taking control of the war-ravaged Gaza Strip and revamping its economy once the Palestinians are relocated elsewhere.
The announcement followed Trump’s shock proposal for the permanent resettlement of the more than 2 million Palestinians from Gaza in neighbouring countries, calling the enclave - where the first phase of a fragile Israel-Hamas ceasefire and hostage release deal is in effect - a “demolition site.”
Saudi Arabia’s benchmark index lost 0.2%, hit by a 0.6% fall in Al Rajhi Bank and a 1.1% decrease in ACWA Power Company.
The kingdom said it would not establish ties with Israel without the creation of a Palestinian state, contradicting Trump’s claim that Riyadh was not demanding a Palestinian homeland when he said the US wants to take over the Gaza Strip.
Saudi Arabia’s foreign ministry said on Wednesday that it rejects any attempts to displace Palestinians from their land, adding that its stance on the issue was non-negotiable.
Dubai’s main share index and the Abu Dhabi index finished flat.
Abu Dhabi stocks stagnated as investors held back ahead of key earnings reports from First Abu Dhabi Bank and RAK Properties, while sliding oil prices weighed on the market, said George Pavel General Manager at Naga.com.
In Qatar, the index also concluded flat.
The Qatari stock market mirrored its regional counterparts, with external factors influencing general sentiment. While Q4 earnings releases continued, their impact was limited due to prevailing external pressures.
According to Pavel, Qatar’s stock market echoed regional trends, with external factors driving investor sentiment. Although fourth-quarter earnings reports continued to roll out, their impact was muted by broader external pressures.
Outside the Gulf, Egypt’s blue-chip index added 0.2%, helped by a 1.2% rise in Commercial International Bank.
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