DUBAI: Most Gulf stock markets closed lower on Sunday after a fresh escalation clouded efforts to end the war between the US and Iran.
The US military said its forces struck Iranian coastal radar installations on Saturday after intercepting drones launched by Iran towards the Strait of Hormuz.
Saudi Arabia’s benchmark index fell 0.6 percent, hit by a 3.1 percent slide in Saudi Arabian Mining Company and a 0.6 percent drop in oil major Saudi Aramco.
On Friday, Brent crude futures settled at USD93.09 a barrel, down 2 percent, after traders took comfort from signs that the risk of renewed conflict between the US and Iran was easing.
Kingdom Holding Company fell 3 percent, extending losses. The stock recently jumped as investor enthusiasm grew over its stake in Elon Musk’s soon-to-be-listed SpaceX.
Qatar’s index eased 0.3 percent, with Qatar National Bank, the Gulf’s biggest lender, retreating 1.2 percent.
Comments