Mideast Stocks: Most Gulf markets muted as Mideast tension rises; Egypt gains

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Most stock markets in the Gulf were subdued on Tuesday amid rising geopolitical tension in the region, while the Abu Dhabi index advanced on upbeat corporate earnings. Israeli forces seized control of the Rafah border crossing between Gaza and Egypt on Tuesday and tanks pushed into the southern Gazan city of Rafah as international mediators struggled to find agreement on a ceasefire between Israel and its Hamas foe.

The Qatari benchmark index slipped 0.2%, with most of its sectors posting losses, led by utilities, communications and finance. Qatar National Bank, the region's largest lender, shed 0.5% and Industries Qatar slid 1%. Saudi Arabia's benchmark stock index eased 0.1%, pressured by a 1.1% loss in Saudi Basic Industries and a 0.8% drop in Saudi Telecom, the kingdom's largest telecom operator.

Dubai's benchmark index ended flat with blue-chip developer Emaar Properties adding 0.6% and Mashreqbank gaining 1%. Toll operator Salik Company, however, dropped 1.4%.

In Abu Dhabi, the benchmark index advanced 0.4%, with First Abu Dhabi Bank, the UAE's largest lender, and Alpha Dhabi Holding both climbing 1.6%. The conglomerate Alpha's owner, International Holding Company (IHC), closed 0.1% higher after rising as much as 1.4% in early trading.

IHC, Abu Dhabi's largest listed firm, said on Monday it would buy back up to 5 billion dirhams ($1.36 billion) of its shares as it reported an 88% rise in quarterly net profit. Among other gainers, ADNOC Gas rose 1% after it posted a 21% increase in quarterly net income.

Outside the Gulf, Egypt's blue-chip index rose for a third straight session and ended 1.2% higher, with most sectors in the green. Commercial International Bank gained 5.1% and Qalaa Holding surged 8.8% after the private equity firm reported a 400% upsurge in its full-year net profit.