Most stock markets in the Gulf edged higher in early trade on Tuesday, recovering some of their recent losses triggered by worries the region could be on the brink of a broader Middle East war.
Fighting in the region intensified after Iran-backed Hezbollah fired rockets at Israel’s third-largest city, Haifa, and Israel looked poised to expand its offensive into Lebanon, a year after the Hamas attack that sparked Israel’s ongoing war in Gaza.
The downturn in Gulf markets began after Iran launched a missile barrage on Israel on Oct. 1.
Israel has sworn to retaliate and is weighing its options, with Iran’s oil facilities considered a possible target.
Saudi Arabia’s benchmark index gained 0.3%, with ACWA Power Co climbing 1.8% and the country’s biggest lender, Saudi National Bank, rising 0.7%.
Most Gulf markets fall as geopolitical tensions in region climb
Elsewhere, Arabian Mills For Food Products Co jumped 10% to 72.6 riyals in its trading debut.
Iran’s Foreign Minister Abbas Araqchi will visit Saudi Arabia and other Middle East countries starting on Tuesday to discuss regional issues and work on stopping Israel’s “crimes” in Gaza and Lebanon, Iran’s state media reported. Dubai’s main share index added 0.3%, supported by a 1.7% gain in toll operator Salik Company.
In Abu Dhabi, the index was up 0.3%.
The Qatari benchmark rose 0.2%, led by a 0.5% rise in the Gulf’s biggest lender Qatar National Bank.
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