Most Gulf markets subdued on regional tensions
9:08 am Sunday, November 03rd, 2024
By Ateeq Shariff
(Reuters) – Most stock markets in the Gulf were subdued on Sunday after a report suggested Iran might be preparing a retaliatory strike on Israel from Iraqi territory in the coming days.
The U.S. has warned Iran against launching another attack on Israel, adding Washington will not be able to restrain Israel if it attacks again, Axios reported on Saturday, citing a U.S. official and a former Israeli official.
Axios previously reported that Israeli intelligence suggests Iran is preparing to attack Israel from Iraqi territory in the coming days, possibly before the U.S. presidential election on Nov. 5.
Saudi Arabia’s benchmark index edged 0.2% higher, helped by a 3.2% rise in ACWA Power Company.
Among other gainers, MBC Group surged 10% – to its daily maximum limit – after Istedamah signed a binding share sale and purchase agreement with Public Investment Fund to sell its entire stake in the media giant MBC Group.
In Qatar, the index lost 0.2%, hit by a 0.5% fall in the Gulf’s biggest lender Qatar National Bank.
Outside the Gulf, Egypt’s blue-chip index gained 0.6%, with Commercial International Bank rising 1.3%.
The International Monetary Fund will begin its review of Egypt’s loan programme on Tuesday, Egyptian Prime Minister Mostafa Madbouly said on Sunday at a press conference with IMF managing director Kristalina Georgieva.
SAUDI ARABIA rose 0.2% to 12,048
QATAR dropped 0.2% to 10,506
EGYPT added 0.6% to 30,833
BAHRAIN eased 0.1% to 2,019
OMAN was flat at 4,747
KUWAIT down 0.3% to 7,649
(Reporting by Ateeq Shariff in Bengaluru; Editing by Christina Fincher)
