Many Gulf markets subdued on regional tensions
Gulf Tensions
Most stock markets in the Gulf were subdued Sunday after a report suggested Iran might be preparing a retaliatory strike on Israel from Iraqi territory in the coming days.
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The United States warned Iran on Saturday that another attack on Israel will meet a fierce response, saying Washington would be unable to restrain its ally if Israel attacks again, Axios reported, citing a U.S. official and a former Israeli official.
Vulnerable Gulf Markets; Many Gulf markets subdued on regional tensions
Axio, an online news channel reported that Israeli intelligence believe that Iran is preparing to carry out an attack on Israel from Iraqi territory in the coming days, possibly even ahead of the U.S. presidential election on November 5th.
Saudi Arabia’s benchmark index increased by 0.2%. It was boosted mainly due to ACWA Power Company. It increased by 3.2%.
MBC Group rose 10% – to its daily maximum limit – as Istedamah inked a binding share sale and purchase agreement with Public Investment Fund to sell its entire holding in the media giant MBC Group.
In Qatar, the index fell 0.2%, dragged lower by a 0.5% decline in the Gulf’s biggest lender Qatar National Bank.
Outside the Gulf, Egypt’s blue-chip index climbed 0.6 per cent, with Commercial International Bank rising 1.3 per cent.
Egyptian Prime Minister Mostafa Madbouly said on Sunday that the International Monetary Fund would begin its review of Egypt’s loan program on Tuesday.
The comments were made during a press conference with IMF managing director Kristalina Georgieva.
- SAUDI ARABIA climbed 0.2 percent to 12,048
- QATAR fell 0.2 percent to 10,506
- EGYPT rose 0.6 percent to 30,833
- BAHRAIN softened 0.1 percent to 2,019
- OMAN was little changed at 4,747
- Kuwait was at 7,649 and down 0.3%.
Many Gulf markets subdued on regional tensions
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