Major stock markets in the Gulf were mixed on Thursday as U.S. President Donald Trump’s latest announcements continued to weigh on investor sentiment.
Trump said this week the U.S. would take over the war-ravaged Gaza Strip and develop it economically after Palestinians are resettled elsewhere, actions that would shatter decades of U.S. policy toward the Israeli-Palestinian conflict.
His proposal sent diplomatic shockwaves across the Middle East and around the globe. However, Israel’s government welcomed the proposal, and its defence minister on Thursday ordered the army to prepare a plan for the “voluntary departure” of Gaza residents.
Most Gulf markets gain despite trade war fears
Saudi Arabia’s benchmark index nudged 0.1% higher, helped by a 3.2% rise in Banque Saudi Fransi.
In Abu Dhabi, the index fell 0.2%, hit by a 1.9% fall in First Abu Dhabi Bank after the country’s biggest lender reported a nominal rise in fourth-quarter profit.
Net profit rose 4% to 4.2 billion dirhams ($1.14 billion) in the three months ended December 31, from 4.01 billion dirhams a year earlier, beating analysts’ mean expectations of 4 billion dirhams, according to LSEG data.
The Qatari benchmark dropped 0.6%, with the Gulf’s biggest lender Qatar National Bank losing 0.9%.
Dubai’s main share index added 0.4%, led by a 3.5% gain in Parkin Company.
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