Gulf equities fell on Monday, tracking a global selloff from conflict ​in the Middle East ⁠after the United Arab Emirates said drones had targeted an area near its Barakah nuclear power ‌plant and Saudi Arabia said it had intercepted three drones.

In Dubai, the main share index fell for a seventh straight session, its longest losing streak in more than two years, and closed 1.7% lower. Losses were led by real ​estate, industrial and consumer ‌discretionary stocks.

Blue-chip developer ⁠Emaar Properties dropped 3.6%, Dubai's ⁠largest lender Emirates NBD lost 1.7%, and budget carrier Air Arabia declined 3.3%.

In Abu Dhabi, the index dropped 1.2%, ​with all sectors ending in negative territory, led by technology, utilities and real ‌estate. Abu Dhabi Commercial Bank shed 4.9%, while Aldar Properties lost ⁠3%

"Despite the short-term downside risks, the markets could continue to see long-term upside potential, with support from large investment initiatives such as plans from (Abu Dhabi state oil firm) ADNOC to increase production levels, as well as large-scale government initiatives such as the UAE-Oman corridors and crude pipeline capacity expansion," said Milad Azar, market analyst at XTB MENA.

The Qatari benchmark fell 1.1%, weighed down by losses across all constituents. Qatar National Bank, the region's largest lender, slipped 1%, while Industries Qatar slid 1.3%. Saudi Arabia's benchmark eased 0.1%, extending losses to a fifth straight session, pressured by industrial, consumer staples and materials stocks. Saudi Arabian Mining Company fell 1.5%, ‌and Riyad Bank slipped 1.2%. Saudi Chemical Holding gained 4.2% after announcing ⁠a military materials supply agreement with the National Company for Mechanical Systems. "The Saudi ​market remained under some pressure but could find support from the energy sector and elevated oil prices," Azar added. Outside the Gulf, Egypt’s blue-chip index declined 0.7%, with Commercial International Bank down 1.1% and Fawry for Banking Technology losing ​2%.

  • SAUDI ARABIA down 0.1% ‌to 10,956
  • KUWAIT down 0.4% to 9,161
  • QATAR lost 1.1% to 10,372
  • EGYPT eased 0.7% to 52,007
  • BAHRAIN fell 0.7% to ⁠1,920
  • OMAN dropped 2.4% to 7,749
  • ABU DHABI down 1.2% to 9,561
  • DUBAI declined ​1.7% to 5,610

(Reporting by Amna Mariyam and Md Manzer Hussain; Editing by Andrew Cawthorne)