Most Gulf markets fall as Israel-Palestinian conflict rages | Reuters

Most Gulf markets fall as Israel-Palestinian conflict rages | Reuters

Most stock markets in the Gulf sank on Monday as battles between Palestinian Islamist group Hamas and Israel ignited fears of a wider conflict in the Middle East.

Israel said its troops backed by helicopters had also killed a number of armed infiltrators entering the country from Lebanon, further raising concerns fighting could spread two days after Hamas gunmen burst in from Gaza on a deadly rampage.

Dubai's benchmark index (.DFMGI) slumped 2.6%, the sharpest fall since June last year. The index was dragged down by losses in all sectors with real estate developers Emaar Properties (EMAR.DU) and Emaar Development (EMAARDEV.DU) dropping 4.4% and 5% respectively.

The emirate's largest lender Emirates NBD (ENBD.DU) sank 1.9% and Dubai Islamic Bank (DISB.DU) dropped 3.3%.

In Abu Dhabi, the benchmark index (.FTFADGI) retreated for a fourth consecutive session and ended 1.3% lower, the lowest since May as almost all the stocks on the index were in negative territory.

State-owned oil major ADNOC's units Abu Dhabi National Oil Company for Distribution (ADNOCDIST.AD) and ADNOC Logistics (ADNOCLS.AD) lost 3.8% and 1.9% respectively.

Among the losers, the UAE's largest lender First Abu Dhabi Bank (FAB.AD) slipped 1.2% and Abu Dhabi Islamic Bank (ADIB.AD) shed 2%, while blue-chip developer Aldar Properties (ALDAR.AD) slumped 2.9%.

The Qatari index (.QSI) fell for a fourth straight session, ending 1.7% lower, with all stocks in the red.

The region's largest lender Qatar National Bank (QNBK.QA) dropped 2.6% and Qatar Islamic Bank (QISB.QA) slid 1.7%.

Saudi Arabia's benchmark index (.TASI) recovered some of previous session losses, ending 0.2% lower after it slumped 1.6% in last session, the sharpest decline in 10 months.

The kingdom's largest lender Saudi National Bank (1180.SE) dropped 2.2% and Saudi Basic Industries (2010.SE) shed 1.8%.

However, Etihad Atheeb Telecommunication (7040.SE) rose 1.5% and the world's largest Islamic bank by assets, Al Rajhi Bank(1120.SE) gained 1.2%.

Outside the Gulf, Egypt's blue-chip index (.EGX30) recouped some of previous session losses and rose 0.3%.

The index was helped by gains in finance and communications sectors with Commercial International Bank (COMI.CA) rising 1.7% and Telecom Egypt (ETEL.CA) adding 2.2%.