Markets in the Middle East were mixed at close on Wednesday, with Dubai's main index ending 0.8% higher, as investors wait to see Russian President Vladimir Putin's next move after he sent troops into separatist regions of Ukraine.
The initial push to send soldiers to Donetsk and Luhansk this week triggered coordinated but modest sanctions from Western countries, albeit with the prospect of more to come if Moscow seeks to push further into the country.
"The Dubai stock market opened on the upside after a volatile session yesterday as investors price in the developments in Europe. The market could record a new high if no new geopolitical shocks happen in the coming days as the Emirate continues to benefit from the gradual removal of sanitary restrictions," said Eman AlAyyaf, CEO of EA Trading.
The index rose 0.8% in its first session of gains in five. Emirates NBD Bank gained 1.5% and Dubai Islamic Bank 1.8%.
In Abu Dhabi, the index ended nearly flat.
The Qatari index reversed losses from earlier in the session to end 0.5% higher, marking its third consecutive day of gains.
Saudi Arabia's benchmark index fell 0.33%, as financial stocks weighed on sentiment. The index posted its biggest fall in ten days.
Real estate firm Arabian Centers gained 2.2% after it said the judicial authority had decided to reinstate the title deed of the company's owned land on King Khalid road.
Shares of Saudi Aramco closed 3.3% higher. The company is in talks with partners in China about further investments in the country.
Outside the Gulf, Egypt's blue-chip index ended flat.
(Reporting by Tanvi Mehta in Bengaluru; Editing by Krishna Chandra Eluri) ((firstname.lastname@example.org; https://twitter.com/TanviMehta710;))