All banks on the Saudi index decline
Most Gulf bourses ended lower on Thursday, following a fire at Dubai's Jebel Ali Port - the Middle East's largest transhipment hub - due to an overnight explosion in a container.
The blaze was caused by a container holding flammable material, Dubai Media Office Director General Mona Al Marri told Al Arabiya television, describing it as a "normal accident".
Dubai's main share index eased 0.1%, with logistic firm Aramex 1.3% lower, while telecoms firm Emirates Integrated Telecommunications was down 0.6%.
"Despite the limited impact and the port being operational within hours, the blast was weighing on the investor sentiment and pulling Gulf markets lower," said Kaia Parv, head of investment research at FXPrimus.
Saudi Arabia's benchmark index retreated 1.2%, a sharper fall than its Emirati counterpart, with Al Rajhi Bank1120.SE shedding 2.2% and petrochemical maker Saudi Basic Industries declining 1.7%.
But a few healthcare and insurance companies were in positive territory, including Gulf Union Alahlia Cooperative Insurance which jumped about 7%.
The sectors are potential beneficiaries from incidents such as the one in Jebel Ali port, said Parv.
In Abu Dhabi, the index gave up early gains to close 0.1% lower, with First Abu Dhabi Bank, the United Arab Emirates' largest lender, declining 1%.
However, the index eked out its second weekly gain despite falling for a third consecutive session.
Elsewhere, International Holding Company closed flat after an eight-day winning streak, which started with the listing of its unit Alpha Dhabi last week, in which IHC holds a 45% stake.
The Qatari benchmark finished 0.2% lower, hit by a 0.4% fall in the Gulf's largest lender Qatar National Bank.
Outside the Gulf, Egypt's blue-chip index lost 0.9%, as 28 of 30 stocks on the index were in red, with Fawry For Banking Technology and Electronic sliding over 5%.
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