12 hours ago
- Business
- Business Recorder
Gulf markets rebound amid Israel-Iran conflict
Stock markets in the Gulf ended higher on Monday, recovering some of their losses from previous sessions when they were jolted by the escalating conflict between Israel and Iran.
Saudi Arabia's benchmark index advanced 1.3%, led by a 1.5% rise in Al Rajhi Bank and a 6.9% jump in ACWA Power Company.
The upward trend mirrored similar movements in both Asian and European markets, where a temporary improvement in sentiment was bolstering investor appetite, said Osama Al Saifi, Managing Director for MENA at Traze.
'This optimism was partly fuelled by positive economic data from China, which showed an acceleration in retail sales despite U.S. tariffs,' he said.
Dubai's main share index added 0.8%, with utility firm Dubai Electricity and Water Authority rising 2.2%.
Iranian missiles struck Israel's Tel Aviv and the port city of Haifa before dawn on Monday, destroying homes and fuelling concerns among world leaders at this week's G7 meeting that the confrontation could lead to a broader regional conflict.
Israel said it had targeted Iran's nuclear facilities, ballistic missile factories and military commanders on Friday at the start of what it warned would be a prolonged operation to prevent Tehran from building a nuclear weapon. Iran, which says its nuclear programme is for civilian use, has promised a harsh response.
Gulf markets fall as Israel-Iran conflict escalates
Iran said its parliament was preparing a bill to leave the Nuclear Non-Proliferation Treaty (NPT), adding that Tehran remains opposed to developing weapons of mass destruction.
Passing the bill could take several weeks.
In Abu Dhabi, the index finished 0.2% higher.
Oil prices - a catalyst for the Gulf's financial markets - edged down, paring back Friday's 7% surge, as renewed military strikes by Israel and Iran over the weekend left oil production and export facilities unaffected.
The Qatari benchmark climbed 1.7%, a day after falling more than 3%, buoyed by a 2.5% leap in the Gulf's biggest lender Qatar National Bank.
Outside the Gulf, Egypt's blue-chip index inched0.1% higher, helped by a 1.4% rise in Commercial International Bank. On Sunday, the index fell 4.6% marking its biggest intraday fall in about 14 months.
---------------------------------------- SAUDI ARABIA rose 1.3% to 10,867 Abu Dhabi gained 0.8% to 5,407 Dubai up 0.2% to 9,585 QATAR leapt 1.7% to 10,465 EGYPT up 0.1% to 31,042 BAHRAIN added 0.1% to 1,902 OMAN was up 0.7% to 4,143 KUWAIT advanced 1.4% to 8,626 ----------------------------------------
