(MENAFN- Gulf Times) Most Gulf stock markets fell yesterday as the diplomatic row worried investors, while Egypt's equities index climbed for an 11th straight day to a fresh record high.
The Saudi stock index, which has been buoyed in recent days by expectations that international index compiler MSCI will start on June 20 a process towards upgrading Riyadh to emerging market status, fell 0.5% in active trade yesterday.
Petrochemical stocks were particularly hard hit after oil prices dropped on concern that the Gulf diplomatic crisis could disrupt an agreement among global oil producers to prop up prices.
Saudi Basic Industries lost 1.4%.
Dubai's index edged up 0.2% as builder Drake & Scull, which has been rebounding from year-lows for the past week, added 1.1% to 0.38 dirham in its heaviest trade for almost four months.
But it came well off the day's high of 0.409 dirham.
In Egypt, the index rose 0.8% on the back of strong blue-chip property developers, although in the broad market, gainers roughly equalled losers.
Remco Tourism Villages jumped 9.9% after saying it intended to finish marketing all units of its Stella Heights project before year-end for about 2.5bn Egyptian pounds ($139mn).
Elsewhere in the Gulf, Kuwait's index edged down 0.03% to 6,801 points; Bahrain's index edged down 0.1% to 1,325 points, while Oman's index edged up 0.02% to 5,407 points.
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