Most stock markets in the Gulf finished flat on Monday amid tensions in the Middle East as Israel resumed attacks on Lebanon despite a ceasefire agreement.
A truce between Israel and Lebanon took effect on Wednesday, but each side accused the other of breaching the ceasefire.
Several people had been wounded in two Israeli strikes in south Lebanon, the Lebanese health ministry said in a statement. Air strikes also intensified in Syria as President Bashar al-Assad vowed to crush insurgents who had swept into the city of Aleppo.
Saudi Arabia’s benchmark index reversed early losses to close flat.
Geopolitical tensions in the region had resurfaced, partially impacting sentiment, said Ahmed Negm, head of market research MENA, at XS.com.
Most Gulf markets higher on Israel-Hezbollah ceasefire
The market needs support for a potential sustained recovery, where the OPEC+ meeting this week may influence market direction, according to Negm. The market could find support in the positive growth projections for 2025, he said.
The Qatari index concluded flat.
Outside the Gulf, Egypt’s blue-chip index edged 0.1% higher, helped by a 5.6% rise in tobacco monopoly Eastern Company.
Markets in the United Arab Emirates were closed for a public holiday.
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SAUDI ARABIA closed flat at 11,739
QATAR was flat at 10,391
EGYPT rose 0.1% to 30,525
BAHRAIN finished flat at 2,032
OMAN eased 0.2% to 4,570
KUWAIT added 0.1% to 7,768
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Source: Brecorder
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