Most major stock markets in the Gulf eased in the early trade on Thursday as geopolitical tensions in the region kept investors on their toes, although the Dubai index bucked the trend to trade higher. Israel launched strikes on the Syrian capital Damascus and a military site near the western city of Homs on Thursday, the Syrian defence ministry said, as U.S. Secretary of State Antony Blinken toured the region pushing for a halt to fighting.
World powers are meeting in Paris on Thursday aiming to raise at least 500 million euros in urgent humanitarian aid for Lebanon and push for a ceasefire, but with the U.S. focused on its own efforts, diplomats said they expect little concrete progress. Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.3%, hit by a 0.6% fall in Al Rajhi Bank (1120.SE), opens new tab and a 0.4% decrease in the country's biggest lender Saudi National Bank (1180.SE), opens new tab.
Elsewhere, oil behemoth Saudi Aramco (2222.SE), opens new tab was flat, as J.P. Morgan slashed its target price to 32 riyals ($8.52) from 34 riyals earlier.
Dubai's main share index (.DFMGI), opens new tab gained 0.3%, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab rising 1.1% and Dubai Taxi Company (DTC.DU), opens new tab advancing 2.9%. In Abu Dhabi, the index (.FTFADGI), opens new tab eased 0.1%, weighed down by a 0.4% fall in conglomerated International Holding Co (IHC) (IHC.AD), opens new tab. Shares of Starbucks rose despite the coffee giant suspending its forecast amid falling demand for its pricey drinks.
IHC said on Wednesday its subsidiary International Tech Group acquired an additional 46% stake in Emircon for 292 million dirhams ($79.51 million). On the other hand, Abu Dhabi Commercial Bank (ADCB.AD), opens new tab climbed 2.2%, after beating forecasts with a 23% rise in third-quarter profit.
The Qatari benchmark (.QSI), opens new tab eased 0.1%, with Commercial Bank (COMB.QA), opens new tab losing 1.5%.
