Most stock markets in the Gulf ended lower on Tuesday amid rising tensions in the region, although the Saudi index reversed early losses to finish higher.

Israeli forces killed at least 14 Palestinians in airstrikes as they pressed their onslaught in Gaza’s main southern city Khan Younis on Tuesday, while the top U.S. diplomat pursued a quest to broker a ceasefire in the four-month-old war.

The United States continued its campaign against Iran-backed Houthis in Yemen, whose attacks on shipping vessels have disrupted global oil trading routes.

Dubai’s main share index declined 1.8%, dragged down by a 4.4% slide in Emirates Central Cooling Systems and a 9.9% decline in Gulf Navigation Holding.

The Dubai stock market recorded a stronger decline compared to other markets in the region, affected by the concerns around geopolitical tensions in particular as the market remained on an uptrend overall, said Joseph Dahrieh, Managing Principal at Tickmill.

Most Gulf markets fall after US jobs data; Saudi gains

“The market could remain exposed to the downside if tensions in the region flare up, although solid local fundamentals could help the market climb otherwise,” Dahrieh added.

In Abu Dhabi, the index dropped 1%, hit by a 1% fall in the country’s biggest lender First Abu Dhabi Bank.

Saudi Arabia’s benchmark index gained 0.4%, helped by a 1.8% rise in oil giant Saudi Aramco and a 3.4% increase in Dr Sulaiman Al Habib Medical Services Group.

Oil prices - a catalyst for the Gulf’s financial markets - held broadly steady as investors waited to see whether a Middle East trip by top U.S. diplomat Antony Blinken will bring a halt to the Gaza war, which has raised concerns about supplies from the major producing region.

Outside the Gulf, Egypt’s blue-chip index concluded 1.4% higher, weighed down by a 5% decline in top lender Commercial International Bank.

Non-oil private sector activity in Egypt shrank for a 38th month in January as inflation pressure and the conflict in Gaza continued to weigh on demand, a survey showed on Monday.

====================================== SAUDI ARABIA    rose 0.5% to 9,473 ABU DHABI       lost 1% to 9,332 DUBAI           down 1.8% to 4,154 QATAR           was up 0.1% to 9,901 EGYPT           lost 1.4% to 27,271 BAHRAIN         ended flat at 2,063 OMAN            gained 0.2% to 4,559 KUWAIT          added 0.2% to 7,951======================================