Most stock markets in the Gulf were muted in early trading on Thursday as investors turned cautious as geopolitical tensions intensified.

Ukraine’s air force said on Thursday that Russia had launched an intercontinental ballistic missile from Astrakhan region during a morning attack.

Dubai’s benchmark stock index slipped 1.1% - after it rose to its highest in more than 10 years in the last session - with almost all sectors in the red.

Emaar Properties dropped 1.8% and Gulf Navigation slumped 9.8% to 4.49 dirhams per share, its lowest level in nearly 1-1/2 years.

The maritime and shipping firm GULFNAV continued its slide since it posted an 84% drop in quarterly net profit on Friday.

The Abu Dhabi benchmark index slid 0.6% with most of its constituents posting losses.

Aldar Properties fell 1.1% and the Lulu Retail shed 1%.

Middle East’s largest hypermarket chains operator, Lulu, reported a 126% increase in third quarter net profit on the year, but its profit dropped 38% on the quarter.

Among other losers, Abu Dhabi’s largest listed firm, International Holding, which has investments in Indian conglomerate Adani Group companies, also shed 0.2%, while an IHC unit Alpha Dhabi Holding declined 1.7%.

Most Gulf bourses fall on Fed’s rate-cut caution; Egypt extends loss

Meanwhile, Gautam Adani has been indicted by US prosecutors for his alleged role in a bribery case, plunging his conglomerate deep into crisis for the second time in two years.

Saudi Arabia’s benchmark stock index was down 0.2% with most sectors in the red.

ACWA Power fell 1.3%, while Jabal Omar Development climbed 1.9% after the developer said it sold a land plot in Makkah worth 1.07 billion riyals.

The Qatari benchmark index was up 0.2, aided by a 0.7% rise in Qatar National Bank and a 1.2% gain in United Development.

The developer UDC said it sold its 40% stake in Qatar District Cooling for QAR 793.5 million ($217.93 million).