Major stock markets in the Persian Gulf fell in early trade on Wednesday as geopolitical tensions escalated in the Middle East after Israeli air attacks killed hundreds in the Gaza Strip, shattering nearly two months of relative calm since a ceasefire began.
Palestinian group Hamas and Israel accused each other of breaching the truce. It had broadly held since January and offered respite from war for the 2.3 million inhabitants of Gaza, which has been reduced to rubble.
Egypt and Qatar, the mediators in the ceasefire accord along with the United States, condemned the Israeli aggression, while the European Union, in a statement, deplored the breakdown of the ceasefire.
Saudi Arabia’s benchmark index dropped 0.3%, hit by a 0.2% decline in Al Rajhi Bank and a 0.9% slide in Saudi Arabian Mining Company.
United Electronics Company slipped 2.9% on trading ex-dividend.
Dubai’s main share index lost 0.3%, weighed down by a 1.7% drop in top lender Emirates NBD. Abu Dhabi’s benchmark index eased 0.2%.
US President Donald Trump has vowed to continue Washington’s assault on Yemen unless the Houthis end their attacks on ships in the Red Sea.
Oil prices fell on the day after Russia agreed to Trump’s proposal that Moscow and Kyiv stop attacking each other’s energy infrastructure temporarily, which could lead to more Russian oil entering global markets.
The Qatari index lost 0.3%, with Qatar International Islamic Bank dropping 2.2% on ex-dividend trade.
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