Gulf bourses drop as Mideast conflict rages

RIYADH: Most stock markets in the Gulf fell on Sunday amid worries that the escalating war between Palestinian group Hamas and Israel will spiral further.

The Israeli military said on Sunday it would continue to allow Gazans to evacuate south ahead of an expected ground assault by its forces on the Gaza Strip in retaliation for unprecedented attacks by Hamas militants eight days ago.

Saudi Arabia’s benchmark index dropped 0.4%, dragged down by losses in the energy, finance and IT sectors, with oil major Saudi Aramco falling 1% and Elm Company sliding 1.1%. The kingdom’s largest lender Saudi National Bank also slipped 2.3%, and Saudi Arabian Mining Co lost 2.2%.