Gulf shares slip as geopolitical tensions rise

Stock markets in the Gulf tracked global shares lower on Thursday as tension between Russia and Ukraine kept investors on edge, while Egypt's index snapped a four-day losing streak, reports Reuters.

Russia launched an intercontinental ballistic missile during an attack on Ukraine, Kyiv's air force said, after Ukraine fired US and British missiles at targets inside Russia this week.

The Abu Dhabi benchmark index was down 1 per cent with most of its constituent shares falling. First Abu Dhabi Bank, the UAE's largest lender, dropped 2.1 per cent and Abu Dhabi Ports lost 0.6 per cent.

UAE port operator, AD Ports, has signed a framework agreement with the Egyptian Government to build, operate and transfer an economic zone in East Port Said.

Abu Dhabi's largest listed firm, International Holding, which has investments in Indian conglomerate Adani Group companies, eased 0.3 per cent, after chairman Gautam Adani was indicted by US prosecutors for his alleged role in a $265 million scheme to bribe Indian officials.

Seven of IHC's eight listed subsidiaries also fell by more than 1 per cent.

Dubai's benchmark stock index retreated from a more than 10-year high hit in the previous session to stand 0.7 per cent lower on the day, with Emaar Properties down 2.2 per cent and Dubai Islamic Bank off 3.3 per cent.

The Qatari benchmark index fell 0.4 per cent and posted its second straight weekly loss. Qatar Islamic Bank was down 1.7 per cent, and Ooredoo lost 0.9 per cent.

Saudi Arabia's benchmark stock index eased 0.2 per cent for a second straight session of losses.