DUBAI: Most Gulf stock markets fell on Sunday as escalating US–Iran attacks across the region stoked inflation concerns and strengthened expectations of further US interest-rate hikes.
The United States said it had carried out an eighth consecutive night of strikes on Iran, after earlier reporting that two American service members were killed in Jordan and another was missing following an Iranian attack.
Kuwait, which faced sustained Iranian attacks on Saturday, intercepted more Iranian missiles and drones on Sunday, its army said. Bahrain’s air defences also downed an Iranian attack the same day, according to state TV.
The escalation comes after an interim ceasefire reached a month ago collapsed last week, heightening fears of a renewed slide into all-out war.
Qatar’s stock market index retreated 1.5 percent, dragged down by a 3 percent slide in the Gulf’s biggest lender by assets, Qatar National Bank . Qatar Gas Transport
also fell 2 percent. Qatar’s defence ministry said its forces foiled an Iranian missile attack early on Friday, while the interior ministry reported a child was injured by shrapnel from the interception.
Saudi Arabia’s benchmark index closed flat, with oil major Saudi Aramco rising 0.6 percent.
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