Mideast Stocks: Most Gulf markets retreat following blast in Poland

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Most stock markets in the Gulf ended lower on Wednesday as investors were on the edge after a blast in Poland raised fears that the Russian-Ukraine conflict could spill over.

Dubai's main share index fell 0.9%, weighed down by a 1.6% drop each in Dubai Electricity and Water Authority and a 1% decline in blue-chip developer Emaar Properties.

The Dubai market extended its losses as traders worried that the war in Europe could worsen, said Abdelhadi Laabi, Chief Marketing Officer at Emporium Capital. Emirates Central Cooling Systems Corp (Empower) added 2.2%, extending gains from its debuted on Tuesday.

"The market could find some support from the performance of stocks like Empower," Laabi said.

In Abu Dhabi, the index lost 0.4%, with the country's biggest lender First Abu Dhabi Bank retreating 0.9%.

The Qatari index finished 0.9% lower, as most stocks fell, with the Qatar Islamic Bank dropping 1.7%.

Saudi Arabia's benchmark index reversed early losses to close 0.5% higher, with oil giant Saudi Aramco gaining 1.7%. Poland's president later in the day calmed a jittery market, saying the missile that hit his country was probably a stray Ukrainian defence projectile, dispelling fears that it originated from Russia.

Elsewhere, Abdullah Al Othaim Markets Co jumped 6.7% after the food retailer announced distribution of cash dividend of 7.5 riyals per share for the third quarter. Outside the Gulf, Egypt's blue-chip index advanced 1.7%, with 27 of the index's 30 stocks gaining.

Egyptian stock market rose as economic forecasts improved for the country. It is seeing strong volumes from local investors, said Laabi.