MIDEAST STOCKS Major Gulf bourses in red on geopolitical tensions; #Qatar gains | Reuters

MIDEAST STOCKS Major Gulf bourses in red on geopolitical tensions; Qatar gains | Reuters

Most Gulf stock markets were subdued in early trade on Thursday, hit by geopolitical tensions in the Middle East, although the Qatari index bucked the trend to trade higher.

Israeli aircraft struck what its military said were rocket launch sites in south Lebanon early on Thursday in response to earlier projectile fire towards Israel from Lebanese territory. read more

On Tuesday, three maritime security sources claimed Iranian-backed forces seized an oil product tanker off the coast of the United Arab Emirates. Iran denied the reports. read more

Saudi Arabia's benchmark index (.TASI) declined 0.6%, with Al Rajhi Bank (1120.SE) losing 0.7%, while Saudi Arabian Mining Co (1211.SE) retreated 4.3%, despite posting a quarterly net profit.

Among other decliners, food retailer Savola Group (2050.SE) fell 0.9%, extending losses from the previous session when it reported a drop in second-quarter net profit.

On the other hand, Tanmiah Food Company (2281.SE) jumped over 16%, a day after its stellar debut surging 30%.

Dubai's main share index (.DFMGI) lost 0.4%, hit by a 1.2% fall in Sharia-compliant lender Dubai Islamic Bank (DISB.DU).

On Wednesday, the bank advanced 2.8% after saying that the increase in foreign ownership limit to 40% has already been implemented.

In Abu Dhabi, the index (.ADI) eased 0.2%, with the country's largest lender First Abu Dhabi Bank (FAB.AD) decreasing 0.6% and telecoms firm Etisalat (ETISALAT.AD) was down 0.7%.

The Qatari benchmark (.QSI) added 0.2%, supported by a 1.2% rise in Commercial Bank (COMB.QA).