Most stock markets in the Gulf ended lower on Monday as geopolitical tensions in the region simmered, with the Saudi index extending losses from the previous session when it snapped a 7-day winning streak.
Hezbollah fighters are primed to confront any Israeli ground invasion of Lebanon, the group’s deputy leader Naim Qassem said on Monday in his first public speech since Israeli airstrikes killed its veteran chief Hassan Nasrallah last week.
Israel says it will do whatever it takes to return its citizens to evacuated communities on its northern border safely.
It has not ruled out a ground invasion and its troops have been training for it.
Saudi Arabia’s benchmark index dropped 0.4%, with aluminium products manufacturer Al Taiseer Group losing 0.3% and Al Rajhi Bank was down 1%.
The kingdom drew net inflows of 11.7 billion riyals ($3.12 billion) in foreign direct investment (FDI) in the second quarter, down 7.5% from a year earlier, government data showed on Monday.
Dubai’s main share index finished 0.4% lower, hit by a 2.2% slide in top lender Emirates NBD.
Bourses in Gulf end mixed on geopolitical tensions
In Abu Dhabi, the index declined 0.5%.
The Qatari benchmark gained 0.3%, helped by a 1.7% rise in Qatar Islamic Bank.
Oil prices – a catalyst for the Gulf’s financial markets – declined and were on track to fall for the third month in a row as a strong supply outlook and questions around demand outweighed fears that Israeli strikes in Lebanon and Yemen could escalate conflict in the Middle East.
Outside the Gulf, Egypt’s blue-chip index gained 0.4%, with Talaat Mostafa Holding advancing 2.6%.
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SAUDI ARABIA fell 0.4% to 12,226
ABU DHABI lost 0.5% to 9,425
DUBAI down 0.4% to 4,503
QATAR added 0.3% to 10,614
EGYPT rose 0.4% to 31,587
BAHRAIN eased 0.1% to 2,013
OMAN dropped 0.5% to 4,710
KUWAIT down 0.4% to 7,709
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Source: Brecorder
