Gulf shares slip as geopolitical tensions rise; Egypt ends losing streak | Reuters

Gulf shares slip as geopolitical tensions rise; Egypt ends losing streak | Reuters

Stock markets in the Gulf tracked global shares lower on Thursday as tension between Russia and Ukraine kept investors on edge, while Egypt's index snapped a four-day losing streak.

Russia launched an intercontinental ballistic missile during an attack on Ukraine, Kyiv's air force said, after Ukraine fired U.S. and British missiles at targets inside Russia this week.

The Abu Dhabi benchmark index (.FTFADGI), opens new tab was down 1% with most of its constituent shares falling. First Abu Dhabi Bank (FAB.AD), opens new tab, the UAE's largest lender, dropped 2.1% and Abu Dhabi Ports (ADPORTS.AD), opens new tab lost 0.6%.

UAE port operator, AD Ports, has signed a framework agreement with the Egyptian Government to build, operate and transfer an economic zone in East Port Said.

Abu Dhabi's largest listed firm, International Holding (IHC.AD), opens new tab, which has investments in Indian conglomerate Adani Group companies, eased 0.3%, after chairman Gautam Adani was indicted by U.S. prosecutors for his alleged role in a $265 million scheme to bribe Indian officials.

Seven of IHC's eight listed subsidiaries also fell by more than 1%.

Dubai's benchmark stock index (.DFMGI), opens new tab retreated from a more than 10-year high hit in the previous session to stand 0.7% lower on the day, with Emaar Properties (EMAR.DU), opens new tab down 2.2% and Dubai Islamic Bank (DISB.DU), opens new tab off 3.3%.

The Qatari benchmark index (.QSI), opens new tab fell 0.4% and posted its second straight weekly loss. Qatar Islamic Bank (QISB.QA), opens new tab was down 1.7%, and Ooredoo (ORDS.QA), opens new tab lost 0.9%.

Saudi Arabia's benchmark stock index (.TASI), opens new tab eased 0.2% for a second straight session of losses. ACWA Power (2082.SE), opens new tab dropped 1.9% and Saudi National Bank (1180.SE), opens new tab, the kingdom's largest lender, fell 0.6%.

Jabal Omar Development (4250.SE), opens new tab rose 1.9% after the developer said it had sold a land plot in Makkah worth 1.07 billion riyals ($285.00 million).

"GCC markets exhibited mostly negative performance, influenced by heightened geopolitical tensions stemming from the Russia-Ukraine conflict," said Ahmed Negm, head of market research, MENA at XS.com.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab broke a four-day losing run to close 0.1% higher. Faisal Islamic Bank of Egypt rose 3.3% after the Islamic lender reported a 137% increase in 9-month net profit.

The International Monetary Fund said on Wednesday that its mission has made substantial progress on policy discussions toward the completion of the fourth review of Egypt's loan programme.