Major Gulf bourses mixed as markets assess US-Iran escalation

Major Gulf stock markets were mixed in early trade on Monday as the Middle East conflict intensified over the weekend, with the US launching attacks on Iran for a ninth consecutive night, reports Reuters.

In the region, Kuwait and Bahrain reported fresh Iranian strikes. In Bahrain, the US embassy in Manama warned that Iran may target unspecified locations in the capital and urged Americans to remain vigilant.

Kuwait's Foreign Ministry condemned what it called an Iranian attack on a power and water desalination facility.

The Islamic Revolutionary Guard Corps said on Monday that two oil tankers had exploded and become disabled after attempting to pass through what it described as an unsafe southern route in the Strait of Hormuz, alleging that the vessels had been encouraged by the US military to use the passage.

Dubai's main share index dropped 1 per cent, dragged down by a 1.3 per cent slide in blue-chip developer Emaar Properties and a 2.3 per cent decrease in budget airliner Air Arabia.

In Abu Dhabi, the index was down 0.8 per cent, with AlphaDhabi Holding losing 1 per cent.

Saudi Arabia's benchmark index added 0.1 per cent, helped by a 0.4 per cent rise in oil major Saudi Aramco.

Qatar's benchmark index edged up 0.2 per cent.