Israel-Palestinian crisis: Major Gulf stock markets fall

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Major stock markets in the Gulf fell in early trade on Monday, with the Dubai bourse falling the most as clashes between Israel and the Palestinian group Hamas deepened political uncertainty across the Middle East.

Dubai’s main share index declined 2.5 per cent, on course to mark its biggest intraday fall since June last year, as almost all the stocks on the index were in negative territory including blue-chip developer Emaar Properties, which retreated 2.6per cent.

Among other fallers, Shuaa Capital plunged nearly 10 per cent as the board seeks to extinguish anticipated losses through capital reduction and simultaneously raising equity capital.

Stock markets retreat across the Gulf

In Abu Dhabi, the index dropped 1.3 per cent, with the UAE’s biggest lender First Abu Dhabi Bank losing 1.9 per cent.

Separately, the UAE has launched its first wind project of commercial size, making use of technology to exploit low wind speeds, as it pushes to boost renewables before hosting the COP28 climate summit next month.

The Qatari benchmark fell 1.8 per cent, with Qatar National Bank – the Gulf’s biggest lender – falling more than 2 per cent.

Saudi Arabia’s benchmark index slipped 0.3 per cent, with oil giant Saudi Aramco falling 0.6 per cent.

The kingdom along with other Arab countries reaffirmed their commitment to “collective and individual voluntary adjustments” to oil production, the Saudi state news agency said on Sunday.

However, concerns about disruptions to supply drove Brent up $3.14 to $87.72 a barrel.