Most stock markets in the Gulf closed lower on Thursday on the seventh day of the Israel-Iran conflict and as U.S. President Donald Trump kept the world guessing about whether the U.S. would join Israel in airstrikes.
Dubai's main share index (.DFMGI), opens new tab lost 0.7%, hit by a 2.3% slide in sharia-compliant lender Dubai Islamic Bank (DISB.DU), opens new tab and a 1.2% decrease in blue-chip developer Emaar Properties (EMAR.DU), opens new tab.
In Saudi Arabia, the benchmark index (.TASI), opens new tab reversed early losses to edge 0.2% higher, helped by a 4.9% jump in Umm Al Qura Development and Construction (4325.SE), opens new tab.
However, the index posted a weekly loss of 2.1%.
In Abu Dhabi, the index (.FTFADGI), opens new tab concluded 0.8% down.
Overnight, the U.S. Federal Reserve held rates steady as expected but retained projections for two quarter-point rate cuts this year.
The Fed's decisions impact monetary policy in the Gulf, where most currencies, including the riyals, are pegged to the U.S. dollar.
The Qatari index (.QSI), opens new tab fell 0.8%, with Qatar Islamic Bank (QISB.QA), opens new tab losing 1.3%.
Brent crude futures rose $1.06, or 1.4%, to $77.76 a barrel by 1151 GMT.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab dropped 1.9%, as most of its constituents were in negative territory including Talaat Moustafa Group Holding (TMGH.CA), opens new tab, which was down 5.8%.
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