Stock markets in the Gulf were mixed in early trading on Tuesday amid rising geopolitical tension in the region, while the Abu Dhabi index advanced on upbeat corporate earnings.
The Israeli military took control of the vital Rafah border crossing between Gaza and Egypt on Tuesday, pushing into the southern Gazan town after a night of air strikes and as prospects for a ceasefire deal hung in the balance.
Dubai’s benchmark stock index was down 0.2%, dragged down by losses in almost all sectors with blue-chip developer Emaar Properties dropping 0.4% and Commercial Bank of Dubai sliding 2.1%.
Saudi Arabia’s benchmark stock index fell 0.4%, weighed by industry, real estate and finance. Company For Cooperative Insurance slipped 3.5% and Saudi Awwal Bank dropped 1.2%.
However, Saudi Aramco inched up 0.2% after the oil major said it expected to pay $31 billion in dividends to shareholders despite reporting lower earnings for the first quarter.
In Abu Dhabi, the benchmark stock index advanced 1% in early trade, lifted by strong corporate earnings.
International Holding Company surged 1%, after Abu Dhabi’s largest listed conglomerate IHC said on Monday it would buy back up to 5 billion dirhams ($1.36 billion) of its shares as it reported an 88% rise in quarterly net profit.
Most Gulf markets muted as Mideast tension rises
ADNOC Gas, the state-owned energy giant ADNOC’s unit, climbed 1% after it posted a 21% increase in quarterly net income.
The Qatari benchmark index edged up 0.1%, supported by a 1.4% rise in Qatar Navigation and a 0.4% gain in Qatar National Bank, the region’s largest lender.
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