DUBAI: Stock markets in the Gulf ended lower on Thursday as markets weighed the risk of a widening conflict in the region, with the Dubai index falling for a fifth consecutive session.
Israel’s military on Thursday urged residents of over 20 towns in south Lebanon to evacuate their homes immediately, as it pressed on with an incursion after suffering its worst losses in a year of fighting Iran-backed armed group Hezbollah.
As it pushes into south Lebanon, Israel is also weighing its options for retaliation against Iran.
The Islamic Republic launched its largest ever assault on Israel on Tuesday, in what it said was retaliation for Israel’s assassination of senior Hamas and Hezbollah leaders and its operations in Gaza and Lebanon.
Saudi Arabia’s benchmark index dropped 0.7%, with aluminium products manufacturer Al Taiseer Group losing 0.9% and Al Rajhi Bank falling 0.9%. The Saudi index registered its biggest weekly loss of 3.4% since May.
Dubai’s main share index retreated 1%, weighed by a 2.3% fall in blue-chip developer Emaar Properties.Among other losers, budget airliner Air Arabia slid 2.9%.
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