MIDEAST STOCKS-Most Gulf markets in red on rising tensions in the region

By Ateeq Shariff Sept 23 (Reuters) – Most stock markets in the Gulf ended lower on Monday amid rising tensions in the region, with the Dubai index snapping two sessions of gains. The Israeli military launched its most widespread wave of airstrikes against Iran-backed Hezbollah, targeting Lebanon’s south, eastern Bekaa Valley and northern region near Syria simultaneously after nearly a year of conflict. Another round of attacks was expected. Israeli aircraft are preparing to attack Hezbollah strategic weapons stashed in houses in Lebanon’s Bekaa valley, the Israeli military spokesperson said, calling on civilians to evacuate immediately. Dubai’s main share index eased 0.1%, hit by a 1.5% fall in blue-chip developer Emaar Properties. The Qatari benchmark index finished flat. In Abu Dhabi, the index edged 0.2% higher, supported by a 0.7% rise in conglomerate International Holding . The Abu Dhabi stock market was under pressure, while uncertainty limited its potential for gains, said George Khoury Global Head of Education and Research at CFI. “Additionally, oil prices can continue to weigh on the market with crude remaining near this year’s low.” Oil prices – a catalyst for the Gulf’s financial markets – rose slightly in choppy trade after last week’s cut to U.S. interest rates and a dip in U.S. crude supply in the aftermath of Hurricane Francine countered weaker demand from top oil importer China. Outside the Gulf, Egypt’s blue-chip index was down 0.1%, with Talaat Mostafa Group losing 0.9%. ABU DHABI rose 0.2% to 9,454 DUBAI down 0.1% to 4,434 QATAR was flat at 10,443 EGYPT lost 0.1% to 31,023 BAHRAIN dropped 0.2% to 2,029 OMAN lost 0.1% to 4,712 KUWAIT down 0.3% to 7,737 (Reporting by Ateeq Shariff in Bengaluru; Editing by Vijay Kishore)

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