Most stock markets in the Gulf closed in a subdued mood on Thursday against the backdrop of simmering geopolitical tensions in the region.
Israel’s military said it had eliminated a Hezbollah member in Syria who relayed intelligence against Israel in the Israeli-occupied Golan Heights, while Syrian media reported on Thursday that Israeli airstrikes hit targets in Syria.
Israel has escalated its retaliation for the Hamas attack and rocket fire from Lebanon, sending troops into Lebanon and airstrikes into Iran, Yemen and Syria in the hunt for Iran-backed militants, raising fears of a wider Middle East conflict.
Saudi Arabia’s benchmark index gained 0.6%, with aluminium products manufacturer Al Taiseer Group advancing 1% and Al Rajhi Bank up 1.7%.
The Saudi index added 0.3% for the week.
The market was adversely affected by the possibility of further escalation, which dampened the optimism generated by the anticipation of third-quarter results expected later this month, said Joseph Dahrieh, Managing Principal at Tickmill.
“These results could potentially bolster the market. However, the path ahead remains uncertain.”
Most Gulf markets ease amid regional tensions
Dubai’s main share index rose 0.3%, with sharia-compliant lender Dubai Islamic Bank gaining 0.7%.
In Abu Dhabi, the index lost 0.3%.
The Qatari benchmark ended flat.
Outside the Gulf, Egypt’s blue-chip index retreated 1.3%, with Commercial International Bank falling 1.8%.
The International Monetary Fund’s fourth review of Egypt’s $8 billion loan has been delayed until after the IMF’s annual meetings, Prime Minister Mostafa Madbouly said on Wednesday.
The fourth review was expected to be completed on or after Sept. 15, the IMF said in August, one of eight reviews of Egypt’s latest 46-month loan programme.
----------------------------------------- SAUDI ARABIA rose 0.6% to 11,994 ABU DHABI fell 0.3% to 9,251 DUBAI gained 0.3% to 4,438 QATAR closed flat at 10,509 EGYPT lost 1.3% to 30,762 BAHRAIN was flat at 1,999 OMAN added 0.2% to 4,751 KUWAIT finished flat at 7,579 -----------------------------------------
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