(Reuters) – Most major stock markets in the Gulf eased in early trade on Tuesday amid geopolitical tensions in the region and with corporate earnings failing to cheer investor sentiment.
Hezbollah said it had fired rockets at two bases near the Israeli city of Tel Aviv and a naval base west of Haifa on Tuesday morning just hours before U.S. Secretary of State Antony Blinken arrived in Israel to make another push for an elusive ceasefire.
Iran’s Foreign Minister Abbas Araqchi, at a news conference in Kuwait during a regional tour, said Tehran does not seek war in the Middle East and has made efforts to reduce tensions but is prepared for any conflict.
Saudi Arabia’s benchmark index eased 0.1%, with ACWA Power Company losing 0.9% and oil giant Saudi Aramco falling 0.4%.
Oil prices – a catalyst for the Gulf’s financial markets -eased as the top U.S. diplomat renewed efforts to push for a ceasefire in the Middle East and as slowing demand growth in China, the world’s top oil importer, continued to weigh on the market.
The country’s biggest lender Saudi National Bank meanwhile edged 0.1% higher, after reporting a rise in third-quarter net profit.
Dubai’s main share index declined 0.3%, with utility firm Dubai Electricity and Water Authority retreating 1.2% and top lender Emirates NBD was down 0.5%.
In Abu Dhabi, the index added 0.1%, helped by a 0.3% increase in conglomerate International Holding.
The Qatari index fell 0.3%, hit by a 0.3% dip in the Gulf’s biggest lender Qatar National Bank.
However, Doha Bank gained 0.6%, following a rise in nine-month net profit.
(Reporting by Ateeq Shariff in Bengaluru, Editing by William Maclean)
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