Stock markets in the Gulf put in a mixed performance on Sunday as geopolitical tensions in the region escalated, with the Saudi index snapping a seven-day winning streak.
Israel struck more targets in Lebanon on Sunday, pressing Hezbollah with new attacks after killing the group’s leader, Sayyed Hassan Nasrallah, and a string of its other top commanders.
Concerns have grown about the prospect of a wider conflict. Israel has mobilised reserve brigades and says it is ready for all options, including a ground operation in Lebanon.
Hezbollah has said it will cease fire only when Israel’s offensive in Gaza ends.
UAE stocks end lower on weak oil, regional tensions
Saudi Arabia’s benchmark index dropped 0.8%, snapping seven sessions of gains and weighed down by a 1.3% fall in aluminium products manufacturer Al Taiseer Group.
Among other losers, oil behemoth Saudi Aramco retreated 1.3%.
Oil prices – a catalyst for the Gulf’s financial markets – fell last week as investors weighed expectations for higher global supply against fresh stimulus from top crude importer China.
Meanwhile, the Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, will go ahead with plans to increase production by 180,000 barrels per day each month starting from December, Reuters reported on Friday, citing two OPEC+ sources.
In Qatar, the index ended the session unchanged.
Outside the Gulf, Egypt’s blue-chip index gained 0.6%, with Talaat Mostafa Holding up 1.6%.
President Abdel Fattah al-Sisi told Lebanese Prime Minister Najib Mikati that Egypt rejects any violation of Lebanon’s sovereignty, a presidency statement said on Saturday.
SAUDI ARABIA fell 0.8% to 12,272
QATAR was flat to 10,585
EGYPT rose 0.6% to 31,459
BAHRAIN finished flat at 2,014
OMAN gained 0.7% to 4,735
KUWAIT dropped 0.6% to 7,741
Source: Brecorder
