Most Gulf markets in red as Israel-Iran conflict escalates
June 18 (Reuters) - Most stock markets in the Gulf ended lower on Wednesday with investors exercising restraint due to fighting between Iran and Israel that entered a sixth day, sparking fears of potential regional instability.
Iran's Supreme Leader Ayatollah Ali Khamenei rejected U.S. President Donald Trump's demand for unconditional surrender on Wednesday, as Iranians jammed the highways out of Tehran fleeing from intensified Israeli airstrikes.
Saudi Arabia's benchmark index (.TASI), opens new tab declined 1.2%, weighed down by a 3.3% slide in ACWA Power Company (2082.SE), opens new tab and a 2% drop in Saudi Arabian Mining Company (1211.SE), opens new tab.
Among other losers, Prince Waleed bin Talal-backed airline Flynas Company (4264.SE), opens new tab closed 3.4% lower in debut trade.
Elsewhere, oil giant Saudi Aramco (2222.SE), opens new tab eased 0.3%.
Additionally, investor uncertainty surrounding today's U.S. Federal Reserve meeting is contributing to the cautious mood, with most market participants expecting the central bank to hold interest rates steady, said Joseph Dahrieh, managing principal at Tickmill.
Dubai's main share index (.DFMGI), opens new tab finished 1.2% lower, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab losing 1.2%.
In Abu Dhabi, the index (.FTFADGI), opens new tab was down 0.4%.
Oil prices steadied, after a gain of 4% in the previous session, as markets weighed up the chance of supply disruptions from the Iran-Israel conflict and as they ponder a direct U.S. involvement.
The Qatari index (.QSI), opens new tab lost 0.6%, with Qatar Gas Transport Nakilat (QGTS.QA), opens new tab falling 3.8%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab added 0.4%, helped by a 4.1% jump in Fawry for Banking Technology and Electronic Payment (FWRY.CA), opens new tab.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
BBC News
3 hours ago
- BBC News
Model of Saudi prince's Sarafsa yacht sells at auction for £30,200
A model of a £55m yacht designed for a Saudi prince has sold for £30,200 at was part of a sale of silverware, artwork and furnishings previously housed on Sarafsa, a six-deck, 269ft (82m) superyacht that was owned by Prince Fahad bin Sultan bin Abdulaziz al model, which once graced the vessel's main saloon, measures just over 4ft (1.2m) in length and was commissioned in 2008 when the yacht was built. The lots, sold by Eddisons auctioneers of Scunthorpe, also included a pair of goblets believed to have belonged to the former king of France, Louis XVI. The items became available after the yacht was sold in April 2023 to an undisclosed bidder. The asking price at the time of the sale was €65m (£55.4m), according to the broker Paul Cooper said the sale was one of the most unusual they had hosted."We don't get many superyachts in Scunthorpe - or their contents," he said."Everything has the name of an internationally famous jeweller, silversmith, porcelain manufacturer, glassmaker or artist attached," he Cooper said there had been a lot of interest in the model of the Sarafsa, along with a second smaller version made by the celebrity London jeweller Theo on the Louis XVI goblets also hit four figures weeks before the auction, he said. The Sarafsa was built in 2008 and, at one point, was the largest motor yacht to be built in a British yard. It included accommodation for 14 people, quarters for 12 staff and cabins for a further 23 crew also featured a grand piano lounge, cinema, spa, swimming pool, gym, helipad, car garage and a saloon modelled on the "grandest hotels of Monaco". Listen to highlights from Lincolnshire on BBC Sounds, watch the latest episode of Look North or tell us about a story you think we should be covering here.
Reuters
5 hours ago
- Reuters
Most Gulf markets in red as Israel-Iran conflict escalates
June 18 (Reuters) - Most stock markets in the Gulf ended lower on Wednesday with investors exercising restraint due to fighting between Iran and Israel that entered a sixth day, sparking fears of potential regional instability. Iran's Supreme Leader Ayatollah Ali Khamenei rejected U.S. President Donald Trump's demand for unconditional surrender on Wednesday, as Iranians jammed the highways out of Tehran fleeing from intensified Israeli airstrikes. Saudi Arabia's benchmark index (.TASI), opens new tab declined 1.2%, weighed down by a 3.3% slide in ACWA Power Company ( opens new tab and a 2% drop in Saudi Arabian Mining Company ( opens new tab. Among other losers, Prince Waleed bin Talal-backed airline Flynas Company ( opens new tab closed 3.4% lower in debut trade. Elsewhere, oil giant Saudi Aramco ( opens new tab eased 0.3%. Additionally, investor uncertainty surrounding today's U.S. Federal Reserve meeting is contributing to the cautious mood, with most market participants expecting the central bank to hold interest rates steady, said Joseph Dahrieh, managing principal at Tickmill. Dubai's main share index (.DFMGI), opens new tab finished 1.2% lower, with blue-chip developer Emaar Properties ( opens new tab losing 1.2%. In Abu Dhabi, the index (.FTFADGI), opens new tab was down 0.4%. Oil prices steadied, after a gain of 4% in the previous session, as markets weighed up the chance of supply disruptions from the Iran-Israel conflict and as they ponder a direct U.S. involvement. The Qatari index (.QSI), opens new tab lost 0.6%, with Qatar Gas Transport Nakilat ( opens new tab falling 3.8%. Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab added 0.4%, helped by a 4.1% jump in Fawry for Banking Technology and Electronic Payment ( opens new tab.
Telegraph
6 hours ago
- Telegraph
Selfridges to open private members' club in battle to revive fortunes
Selfridges has unveiled plans to open its first-ever private members' club as it races to revive its fortunes. The luxury retailer is planning to turn the fourth floor of its flagship department store on Oxford Street into an invitation-only club called 40 Duke. The club, which will open next spring, will include a bar, a private dining room and a terrace. Bosses are hopeful that the venture will restore profits at the struggling retailer, which posted losses of £41.9m for the year ending February 2024. Revenues also fell 1pc to £834.9m. It comes after a change in ownership at Selfridges, as Saudi Arabia's Public Investment Fund last year bought out a stake previously owned by Austrian property tycoon Rene Benko. Thailand's Central Group, a retail conglomerate controlled by the billionaire Chirathivat family, remains its largest shareholder with a 60pc stake. As for the club itself, it is expected to replace office space currently used by Selfridges staff and executive directors, including meeting rooms and boardrooms. The plans will be voted on by Westminster City Council next week. Luxury slump Selfridges is seeking alternative sources of revenue as it battles a sluggish luxury market. Global economic uncertainty has dented consumer confidence, with half of shoppers intending to spend less on luxury goods in the year ahead, according to recent findings from Internet Retailing. Property consultants from Montagu Evans, which is advising Selfridges on the proposal, said in a recent report: 'Selfridges must continuously carry out refurbishment and improvement to sustain its prominence within what is a fast-paced and demanding industry. 'The proposal will allow Selfridges to continue to thrive and succeed along a world-renowned shopping destination that is Oxford Street, supporting the international shopping centre and the vibrancy of London's West End.' Despite its prime location, the club will have to contend with a range of similar outlets across London, including the Nexus in South Kensington, Aethos in Shoreditch and Lighthouse Social in Fulham. A Selfridges spokesman said: 'We're always exploring new ways to evolve our offer and elevate our customers' experience with us. As usual, we've big and exciting plans for the rest of this year and beyond, and we look forward to sharing more when we can.' They added that its most recent trading performance was affected by higher finance costs caused by recent changes in accounting standards.
