Most Gulf markets fall after Gaza hospital strike | Reuters

Most Gulf markets fall after Gaza hospital strike | Reuters

Most major stock markets in the Gulf fell in early trade on Wednesday as tension escalated in the region after a strike on a Gaza hospital killed hundreds of Palestinians, sparking fears of a widening Middle East conflict .

The strike on the Gaza hospital has raised the stakes for U.S. President Joe Biden as he flies to Israel on Wednesday to signal support for its war against Hamas.

Jordan has cancelled a summit it was to host in Amman on Wednesday with Biden and the Egyptian and Palestinian leaders to discuss Gaza.

Russia and the United Arab Emirates have requested an urgent meeting of the United Nations Security Council on Oct. 18 after the strike on a hospital in Gaza City, Russia's Deputy U.N. Ambassador Dmitry Polyanskiy said.

Saudi Arabia's benchmark index (.TASI) eased 0.1%, weighed down by a 4.9% fall in Sahara International Petrochemical Co (2310.SE), after the company reported a sharp fall in quarterly profit.

Separately, the kingdom's sovereign wealth fund started taking orders for its debut dual-tranche Islamic bond sale, a document showed on Wednesday, the first high-profile debt issue from the region since last week's Israel-Hamas conflict unsettled regional markets.

Dubai's main share index (.DFMGI) declined 1.1%, with blue-chip developer Emaar Properties (EMAR.DU) down 2.4% and a 1.9% decline in toll operator Salik (SALIK.DU).

In Abu Dhabi, the index (.FTFADGI) was down 0.5%.

The Qatari benchmark (.QSI) fell 0.4%, hit by a 1% fall in Qatar Islamic Bank (QISB.QA) and a 0.7% decrease in petrochemical maker Industries Qatar (IQCD.QA).

Qatar's foreign ministry issued a statement on Tuesday strongly condemning an Israeli air strike on a hospital in Gaza that killed hundreds of civilians.