DUBAI: Most stock markets in the Gulf were in red on Thursday, as investors sifted through the latest corporate earnings, while geopolitical strife in the region weighed on sentiment.

Israel stepped up airstrikes on Rafah overnight, killing at least six Palestinians, medics said on Thursday, after saying it would evacuate civilians from the Gaza border city and storm it despite allies’ warnings this could cause mass casualties.

Saudi Arabia’s benchmark index dropped 0.8%, hit by a 6.9% fall in ACWA Power Company and a 1.4% decline in Al Rajhi Bank.

Dubai’s main share index added 0.1%, helped by a 1.9% rise in top lender Emirates NBD following better-than-expected first-quarter results.

Emirates NBD reported net profit of 6.7 billion dirhams ($1.82 billion) for the first three months of the year, compared to 6 billion dirhams last year, outperforming analysts’ estimate of 4.5 billion dirhams as per LSEG data.

The Dubai bourse experienced another volatile trading session, hovering around the same level throughout the week, as some uncertainty remained, said Daniel Takieddine, CEO MENA at BDSwiss.