Major stock markets in the Gulf rose in early trade on Monday as tensions eased after Iran played down Israel’s strikes on military targets over the weekend, saying the air attack had caused only limited damage.
The strikes bypassed Tehran’s oil and nuclear infrastructure and did not disrupt energy supplies, easing geopolitical tensions in the broader region.
And while that sent oil prices tumbling, the regional equity indexes gained.
Saudi Arabia’s benchmark index gained 0.3%, on course to extend gains from the previous session, with Al Rajhi Bank increasing 0.5% and Saudi Arabian Mining Company advancing 1.5%.
Gulf markets rise as Iran plays down Israel’s strikes
The Qatari index added 0.2%, with diary firm Baladna edging 0.1% higher, after reporting a rise in nine-month net profit.
Among other gainers, utility firm Qatar Electricity and Water Company rose 0.8% following an increase in nine-month profit.
In Abu Dhabi, the index advanced 1%.
Dubai’s main share index climbed 1.1%, led by a 2.2% rise in blue-chip developer Emaar Properties and a 2.4% gain in toll operator Salik Company.
Comments
Comments are closed for this article.