Most major stock markets in the Gulf fell in early trade on Tuesday amid rising geopolitical tensions in the region, with the Saudi index on course to end a three-session winning streak.
Israeli air strikes on Gaza killed more than 300 people, Palestinian health authorities said, threatening a complete collapse of a two-month ceasefire as Israel vowed to use force to free its remaining hostages in the enclave.
Meanwhile, President Donald Trump’s vowed to continue the US assault on Yemen’s Houthis unless they ended their attacks on ships in the Red Sea.
Saudi Arabia’s benchmark index dropped 0.3%, weighed down by a 1.4% fall in Saudi Aramco as the oil behemoth traded ex-dividend.
Dubai’s main share index fell 0.5%, weighed down by a 1.1% drop in blue chip developer Emaar Properties and a 1% decrease in toll operator Salik.
Gulf markets gain on optimism over de-escalation in regional tensions
In Abu Dhabi, the index dipped 0.1%.
However, oil prices edged higher, due to instability in the Middle East as well as China’s plans for more economic stimulus, though global growth concerns, US tariffs and uncertainty over Ukraine ceasefire talks curbed gains.
The Qatari index added 0.2%, helped by a 2.3% rise in Qatar Gas Transport.
Comments