Most Gulf equities retreat on fears of prolonged Middle East conflict

Major Gulf stock markets fell in early trading on Thursday after President Donald Trump said the US would continue its attacks on Iran, without specifying when the war would end, reports Reuters.
In a prime-time address late Wednesday, Trump said the US would carry out aggressive strikes on Iran over the next two to three weeks and was close to achieving its main strategic objectives in the conflict. Dubai's main share index dropped 1.4 per cent, dragged down by a 1.6 per cent slide in blue-chip developer Emaar Properties.
In Abu Dhabi, the index lost 0.9 per cent, hit by a 1.4 per cent decline in Abu Dhabi Commercial Bank.
The UAE foreign ministry said on Wednesday that reports about the residency status of Iranians in the Gulf state were inaccurate, stressing that the country considers the Iranian community an integral part of its diverse social fabric.
The Qatari index retreated 1.1 per cent, with the Gulf's biggest lender Qatar National Bank losing 1.1 per cent and Qatar Gas Transport declining about 3 per cent.