Most stock markets in the Gulf ended lower on Tuesday on rising tensions in the Middle East, although looming U.S. interest rate cuts limited losses.
Israel issued new evacuation orders for Deir Al-Balah in the central Gaza Strip late on Sunday, forcing more families to flee, saying forces intended to act against militant group Hamas and others operating in the area.
The escalation comes with little hope of an end in sight to the war as diplomacy by mediators Qatar, Egypt, and the United States has so far failed to close the gap between Israel and Hamas, whose leaders traded blame over responsibility for the lack of accord.
Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.6%, hit by a 1.8% fall in aluminium products manufacturer Al Taiseer Group (4143.SE), opens new tab and a 0.7% decrease in Al Rajhi Bank (1120.SE), opens new tab.
The Qatari benchmark (.QSI), opens new tab fell 0.3%, weighed down by a 1.1% slide in petrochemical maker Industries Qatar (IQCD.QA), opens new tab.
In Abu Dhabi, the index (.FTFADGI), opens new tab lost 0.2%.
Dubai's main share index (.DFMGI), opens new tab, however, rose 0.4%, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab gaining 1.1%.
San Francisco Federal Reserve Bank President Mary Daly on Monday said "the time is upon us" to cut borrowing costs, echoing what Fed Chair Jerome Powell told a global central banking conference last week in Jackson Hole, Wyoming, but how big that first rate cut will be will depend on the data.
Traders see a 70% chance of a 25-basis-point (bp) rate cut and about 30% probability of a bigger 50-bp reduction, according to the CME FedWatch tool.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab advanced 0.8%, with Talaat Mostafa Holding (TMGH.CA), opens new tab rising 2.7%.
The IMF has softened several conditions of its $8 billion financial support package to Egypt, including allowing Cairo more time to implement reforms, it said in a review.
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