A general view shows the Dubai Financial Market after Joe Biden wins U.S. presidency, in Dubai, United Arab Emirates November 8, 2020. REUTERS/Christopher Pike/File Photo Purchase Licensing Rights, opens new tab
Sept 23 (Reuters) – Most stock markets in the Gulf ended lower on Monday amid rising tensions in the region, with the Dubai index snapping two sessions of gains.
The Israeli military launched its most widespread wave of airstrikes against Iran-backed Hezbollah, targeting Lebanon’s south, eastern Bekaa Valley and northern region near Syria simultaneously after nearly a year of conflict.
Another round of attacks was expected. Israeli aircraft are preparing to attack Hezbollah strategic weapons stashed in houses in Lebanon’s Bekaa valley, the Israeli military spokesperson said, calling on civilians to evacuate immediately.
Dubai’s main share index
eased 0.1%, hit by a 1.5% fall in blue-chip developer Emaar Properties
.
In Abu Dhabi, the index
edged 0.2% higher, supported by a 0.7% rise in conglomerate International Holding
.
The Abu Dhabi stock market was under pressure, while uncertainty limited its potential for gains, said George Khoury Global Head of Education and Research at CFI.
“Additionally, oil prices can continue to weigh on the market with crude remaining near this year’s low.”
Oil prices – a catalyst for the Gulf’s financial markets – rose slightly in choppy trade after last week’s cut to U.S. interest rates and a dip in U.S. crude supply in the aftermath of Hurricane Francine countered weaker demand from top oil importer China.
Outside the Gulf, Egypt’s blue-chip index
was down 0.1%, with Talaat Mostafa Group
losing 0.9%.
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Reporting by Ateeq Shariff in Bengaluru; Editing by Vijay Kishore
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