Most stock markets in the Gulf ended lower on Thursday, as sentiment remained sour on concerns about widening conflict in the region, while fears that U.S. interest rates will stay high added to the angst.
Israel said its ground forces had pushed into Gaza overnight to attack Hamas targets as Israeli Prime Minister Benjamin Netanyahu said it was “preparing for a ground invasion” that could be one of several.
At least 7,028 Palestinians, including 2,913 children, have been killed in Israeli strikes since Oct. 7, the health ministry in Hamas-controlled Gaza said on Thursday.
Saudi Arabia’s benchmark index closed 0.9% lower, with Saudi Arabian Mining Company (Ma’aden) retreating 3.5%.
Ma’aden is working to extract lithium from sea water, its chief executive Robert Wilt said on Wednesday, as competition for the rare metal rages between the U.S. and China.
The Saudi index posted a weekly decline of 2.3%.
The Saudi bourse recorded a volatile week as traders reacted to geopolitical developments, company earnings, and the volatility in oil prices, said Daniel Takieddine, CEO MENA at BDSwiss.
“The main index could face risks of additional price corrections after its rebound during the last few days.”
Dubai’s main share index declined 1.5%, dragged down by a 3.3% fall in top lender Emirates NBD.
The bank reported a higher third-quarter net profit, but saw a decrease sequentially in earnings.
In Abu Dhabi, the index lost 0.9%.
Oil prices - a catalyst for the Gulf’s financial markets - fell after a rise in U.S. crude stockpiles and a climb in the dollar index.
The Qatari benchmark slid 1.7%, hitting its lowest in over three years, as most of its constituents were in negative territory.
Yields on longer-dated U.S. Treasury notes rose and the U.S. dollar strengthened to a one-week high, as underwhelming corporate results in the U.S. raised concerns over the economic strength of the world’s largest economy.
Outside the Gulf, Egypt’s blue-chip index added 0.6%.
========================================== SAUDI ARABIA fell 0.9% to 10,409 ABU DHABI lost 0.9% to 9,242 DUBAI dropped 1.5% to 3,782 QATAR decreased 1.7% to 9,319 EGYPT rose 0.6% to 23,262 BAHRAIN eased 0.1% to 1,941 OMAN dropped 0.8% to 4,554 KUWAIT slid 1.5% to 7,081 ==========================================
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