Most stock markets in the Gulf were subdued on Monday amid rising fears the Israel-Hamas conflict could still widen in the region after the prospect of a Gaza ceasefire deal diminished. The Israeli military has conducted airstrikes on areas in eastern Rafah near neighbourhoods that received evacuation orders, igniting concerns of a full-blown assault in the city, long threatened by Israel.
The Qatari benchmark index slipped 0.5%, with most of its sectors posting losses, led by industry, materials and finance. Qatar National Bank, the region's largest lender, shed 0.4% and Industries Qatar slid 0.9%.
In Abu Dhabi, the benchmark index fell marginally, with Agility Global dropping 2.8% and conglomerate Multiply Group falling 2.1%. The emirate's biggest developer Aldar Properties, however, rose 2.8%.
Saudi Arabia's benchmark index ended flat as gains in healthcare, consumer discretionary, industry and real estate countered losses in finance, consumer staples and IT stocks. Saudi National Bank, the kingdom' biggest lender, slipped 2.5% and SABIC Agri-Nutrients slid 2.1%, while Middle East Pharmaceutical added 2.3%. Bupa Arabia for Cooperative Insurance surged 10% to 275 riyal a share, its highest level since listing in 2008, after the health insurer posted a 90.6% jump in its quarterly net profit.
Dubai's benchmark index ended 0.3% higher, rising for the third straight session, helped by gains in consumer staples, real estate, finance and utilities sectors. The blue-chip developer Emaar Properties rose 1.9% and Emirates NBD, the emirate's largest lender, added 1.2%.
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