US war tensions weigh on Gulf stocks

Trading across most Gulf bourses was muted on Tuesday as investors grew wary after the United States ruled out extending a temporary ceasefire. Tensions deepened after an Iranian official signalled that Tehran would adopt a “fully offensive” military stance, according to The Express Tribune.

Qatar's benchmark index slipped 0.5% for a second straight session, closing at 9,848 points, its lowest finish in over a year. Qatar National Bank, the region's largest lender, lost 0.7%, while Ooredoo fell 1.5%.

Saudi Arabia's benchmark index finished unchanged, with basic materials, energy and healthcare names offsetting weakness elsewhere. Saudi National Bank eased 0.5% and Jarir Marketing dropped 4.3%, while SABIC Agri-Nutrients climbed 2.4% and Saudi Arabian Mining advanced 1.9% after the two companies inked a memorandum of understanding covering fertiliser and agri-nutrient value chains. Dubai's benchmark index barely moved, with declines in communications, utilities and industrials balanced by gains elsewhere.