Most stock markets in the Gulf ended lower on Sunday on concerns that rising geopolitical tensions will lead to wider conflict in the region, with the Saudi index hitting its lowest in nearly a month.
Israeli air attacks battered Beirut’s southern suburbs overnight and early on Sunday, the most intense bombardment of the Lebanese capital since Israel sharply escalated its campaign against Iran-backed group Hezbollah last month.
On Friday, Iran’s Supreme Leader Ayatollah Ali Khamenei appeared in public for the first time since his country launched the missile attack. He called for more anti-Israel struggle.
The semi-official Iranian news agency SNN quoted Revolutionary Guards deputy commander Ali Fadavi as saying Iran will target Israeli energy and gas installations if Israel attacks it.
Abu Dhabi index extends losses to seventh session, Dubai closes higher
Saudi Arabia’s benchmark index dropped 1.6%, touching its lowest since Sept. 11, weighed down by a 5.1% slide in Al Taiseer Group and a 4.8% decline in Al Rajhi Bank.
The Qatari index lost 0.5%, with Qatar Fuel Company retreating 2.3%. Egypt was closed for a public holiday
SAUDI ARABIA fell 1.6% to 11,769
QATAR dropped 0.5% to 10,412
BAHRAIN eased 0.1% to 2,004
OMAN added 0.2% to 4,681
KUWAIT down 1.1% to 7,501
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