DUBAI: Major Gulf bourses ended lower on Thursday as investor sentiment weakened amid mounting concern over escalating hostilities between the US and Iran.
The US military said it struck dozens of Islamic Revolutionary Guard targets in Iran, including military command centres and drone facilities, in a two-hour operation launched after Tehran fired ballistic missiles at US forces in the Middle East.
The Qatari index retreated 0.9 percent, as all its constituents were in negative territory, including the Gulf’s biggest lender Qatar Investors remained focused on persistent geopolitical tensions and shipping-route disruptions. Caution may continue to weigh on local markets as uncertainty over regional security conditions persists, said Hani Abuagla Senior Market Analyst at XTB MENA.
Saudi Arabia’s benchmark index reversed early losses to finish 0.4 percent higher, led by a 2.9 percent rise in the country’s biggest lender Saudi National Bank.
Dubai’s main share index was down 0.1 percent, while Abu Dhabi index gained 0.4 percent. Outside the Gulf, Egypt’s blue-chip index lost 0.4 percent. Egypt’s cabinet said on Thursday that a drone strike caused the fire that engulfed two gas vessels at the Mediterranean port of Damietta, confirming that the blaze, which broke out a day earlier, was an attack rather than an accident.
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