Most major stock markets in the Gulf fell in early trade on Wednesday as tension escalated in the region after a strike on a Gaza hospital killed hundreds of Palestinians, sparking fears of a widening Middle East conflict, reports Reuters.
The strike on the Gaza hospital has raised the stakes for US President Joe Biden as he flies to Israel on Wednesday to signal support for its war against Hamas.
Jordan has cancelled a summit it was to host in Amman on Wednesday with Biden and the Egyptian and Palestinian leaders to discuss Gaza.
Russia and the United Arab Emirates have requested an urgent meeting of the United Nations Security Council on Oct. 18 after the strike on a hospital in Gaza City, Russia's Deputy U.N. Ambassador Dmitry Polyanskiy said.
Saudi Arabia's benchmark index (.TASI) eased 0.1 per cent, weighed down by a 4.9 per cent fall in Sahara International Petrochemical Co (2310.SE), after the company reported a sharp fall in quarterly profit.
Separately, the kingdom's sovereign wealth fund started taking orders for its debut dual-tranche Islamic bond sale, a document showed on Wednesday, the first high-profile debt issue from the region since last week's Israel-Hamas conflict unsettled regional markets.
Dubai's main share index declined 1.1 per cent, with blue-chip developer Emaar Properties down 2.4 per cent and a 1.9 per cent decline in toll operator Salik.
In Abu Dhabi, the index was down 0.5 per cent.
The Qatari benchmark fell 0.4 per cent, hit by a 1 per cent fall in Qatar Islamic Bank and a 0.7 per cent decrease in petrochemical maker Industries Qatar.
Qatar's foreign ministry issued a statement on Tuesday strongly condemning an Israeli air strike on a hospital in Gaza that killed hundreds of civilians.
Most Gulf markets fall after Gaza hospital strike
FE Team | Published: October 18, 2023 23:48:07
Most Gulf markets fall after Gaza hospital strike
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