Major Gulf mkts mixed as Trump proposals continue to weigh

Major stock markets in the Gulf were mixed on Thursday as US President Donald Trump's latest announcements continued to weigh on investor sentiment, reports Reuters.

Trump said this week the US would take over the war-ravaged Gaza Strip and develop it economically after Palestinians are resettled elsewhere, actions that would shatter decades of US policy toward the Israeli-Palestinian conflict.

His proposal sent diplomatic shockwaves across the Middle East and around the globe. However, Israel's government welcomed the proposal, and its defence minister on Thursday ordered the army to prepare a plan for the "voluntary departure" of Gaza residents.

Saudi Arabia's benchmark index nudged 0.1 per cent higher, helped by a 3.2 per cent rise in Banque Saudi Fransi.

In Abu Dhabi, the index fell 0.2 per cent, hit by a 1.9 per cent fall in First Abu Dhabi Bank after the country's biggest lender reported a nominal rise in fourth-quarter profit.

Net profit rose 4 per cent to 4.2 billion dirhams ($1.14 billion) in the three months ended December 31, from 4.01 billion dirhams a year earlier, beating analysts' mean expectations of 4 billion dirhams, according to LSEG data.

The Qatari benchmark dropped 0.6 per cent, with the Gulf's biggest lender Qatar National Bank losing 0.9 per cent.

Dubai's main share index added 0.4 per cent, led by a 3.5 per cent gain in Parkin Company.