Gulf stock markets closed lower on Thursday as bank shares fell, with escalating conflict in Yemen and stalled peace efforts weighing on sentiment, according to a Reuters report.
Abu Dhabi’s index fell 1.2% to 9,478 points. First Abu Dhabi Bank, the UAE’s biggest lender, dropped 4.2% on the day it reported a 6% rise in third-quarter net profit.
Saudi Arabia’s benchmark index declined 1% to 9,922 points. Al Rajhi Bank lost 1.1% and Saudi National Bank, the kingdom’s biggest lender, fell 1.9%. Saudi Aramco slipped 0.3%.
The Saudi index still ended the week higher, breaking a run of eight straight weekly losses.
Dubai, Qatar and the rest of the region
Dubai’s main index fell 0.5% to 5,818 points, pulled down by a 4.9% slide in budget carrier Air Arabia.
Qatar’s index fell 0.7% on the day to 9,151 points. It gained 6.27%, or 540.08 points, over the week, with transportation stocks up 7.04% and banking and financial services up 6.63%, Qatar News Agency reported.
Kuwait’s index slipped 0.5% to 8,893 points. Oman’s fell 0.4% to 7,346, and Bahrain’s eased 0.3% to 1,830.
Investor caution
Milad Azar, a market analyst at XTB MENA, said reports of possible military action after the US midterm elections kept investors cautious, while disruptions to energy supply routes added to concerns.
Azar said progress in regional mediation and signs of US diplomatic outreach could support a rebound if a deal is reached.
Qatari mediators have presented Iran with a new draft deal to end the war with the US and Israel, an official briefed on the negotiations told Reuters. A senior Iranian official said Doha had put forward only unacceptable ideas that did not amount to an offer.
