Most Gulf bourses fall, Dubai hits 10-year high

Most stock markets in the Gulf were subdued on Wednesday as investors turned cautious amid simmering geopolitical tensions, although Dubai index hit an over 10-year high on finance and real estate sector gains, reports Reuters.
The Abu Dhabi benchmark index eased 0.2 per cent, weighed down by a 0.8 per cent drop in International Holding Company and a 0.9 per cent decline in the UAE's largest lender, First Abu Dhabi Bank.
Among other losers, Abu Dhabi National Hotels and its catering arm ADNH Catering dropped 1.6 per cent and 1 per cent, respectively. ADNH Catering said on Tuesday it would raise its stake in Compass Arabia to 50 per cent from 30 per cent.
Saudi Arabia's benchmark stock index was down 0.1 per cent after three consecutive session of gains, with most sectors in the red. Saudi Arabian Mining fell 1.1 per cent and Jabal Omar Development slipped 2.3 per cent. Real estate developer said in a statement to the Exchange it had appointed Abdulrahman Bajunaid as new CEO, effective Jan 2025.
Meanwhile, Knowledge Tower Trading surged 7.2 per cent to 11.62 riyal per share, its highest level since listing in November 2022 on Nomu Parallel Market. Education services provider's board decided to transfer it to the main market.
Dubai's benchmark stock index rose 0.6 per cent to 4,761, its highest level in more than 10 years.
Emirates NBD, the emirate's largest lender, added 2.8 per cent and Dubai Financial Market, the operator of exchange (DFM) rose 4.5 per cent, the sharpest daily rise in more than 1-1/2 years.