US war tensions weigh on Gulf stocks

BENGALURU:

Most Gulf stock markets closed subdued on Tuesday as investors remained cautious after the US ruled out extending a temporary ceasefire agreement and an Iranian official said Tehran would shift to a "fully offensive" military posture.

Qatar's benchmark index fell 0.5%, extending losses for a second consecutive session to close at 9,848 points, its lowest level in more than a year.

Qatar National Bank, the region's largest lender, declined 0.7%, while telecommunications operator Ooredoo dropped 1.5%.

Saudi Arabia's benchmark index ended flat, as gains in materials, energy and healthcare stocks offset declines elsewhere. Saudi National Bank, the kingdom's largest lender by assets, slipped 0.5%, while Jarir Marketing fell 4.3%. SABIC Agri-Nutrients Co gained 2.4%, while Saudi Arabian Mining Co rose 1.9% after the companies signed a memorandum of understanding to explore opportunities across the fertilisers and integrated agri-nutrients value chain. Dubai's benchmark index was little changed, with losses in communications, utilities and industrial shares offset by gains in other sectors.