MIDEAST STOCKS-Most Gulf markets dip amid fresh escalation in Middle East conflict

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Baxter International

Quantum-Si

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Baxter International

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Updates to closing prices, analyst comment

By Ateeq Shariff

- Most Gulf markets ended lower on Thursday after fresh U.S. strikes on Iran, with President Donald Trump warning of further attacks unless a peace deal is secured.

The U.S. and Iran traded airstrikes for a second straight day, with the latest escalation having been triggered earlier this week by the downing of a U.S. Apache helicopter near the Strait of Hormuz, which set off reciprocal strikes across Iran and against U.S. bases in the region.

Tehran closed the Strait of Hormuz after the U.S. strikes.

Dubai's main share index .DFMGI declined 0.4%, with blue-chip developer Emaar Properties EMAR.DU losing 2.4%.

In Abu Dhabi, the index .FTFADGI eased 0.3%.

The Qatari index .QSI was down 0.3%, weighed down by a 1.5% slide in the Gulf's biggest lender Qatar National Bank QNBK.QA.

Geopolitical tensions continue to weigh on sentiment, but indications that diplomatic talks remain active have helped cushion the impact despite lingering escalation risks, said Joseph Dahrieh, managing director at Tickmill.

Saudi Arabia's benchmark index .TASI reversed early losses to finish 0.3% higher, helped by a 0.4% gain in oil major Saudi Aramco 2222.SE.

Meanwhile, Brent futures LCOc1 fell $1.10, or 1.2%, to $92 a barrel by 1206 GMT, as traders assessed the actual impact of the renewed hostilities on supply. O/R

Outside the Gulf, Egypt's blue-chip index .EGX30 retreated 0.9%.

Saudi Arabia

.TASI rose 0.3% to 11,042

Abu Dhabi

.FTFADGI fell 0.3% to 9,546

Dubai

.DFMGI down 0.4% to 5,734

Qatar

.QSI lost 0.3% to 10,264

Egypt

.EGX30 dropped 0.9% to 50,819

Bahrain

.BAX eased 0.2% to 1,981

Oman

.MSX30 down 0.2% to 7,634

Kuwait

.BKP added 0.1% to 9,187