Latest news with #regionalinstability
Zawya
2 hours ago
- Business
- Zawya
Mideast Stocks: Most Gulf markets in red as Israel-Iran conflict escalates
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 declined 1.2%, weighed down by a 3.3% slide in ACWA Power Company and a 2% drop in Saudi Arabian Mining Company. Among other losers, Prince Waleed bin Talal-backed airline Flynas Company closed 3.4% lower in debut trade. Elsewhere, oil giant Saudi Aramco 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 finished 1.2% lower, with blue-chip developer Emaar Properties losing 1.2%. In Abu Dhabi, the index 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 lost 0.6%, with Qatar Gas Transport Nakilat falling 3.8%. Outside the Gulf, Egypt's blue-chip index added 0.4%, helped by a 4.1% jump in Fawry for Banking Technology and Electronic Payment. SAUDI ARABIA lost 1.2% to 10,591 Abu Dhabi down 0.4% to 9,496 Dubai dropped 1.2% to 5,306 QATAR fell 0.6% to 10,348 EGYPT rose 0.4% to 30,839 BAHRAIN declined 1.1% to 1,889 OMAN was flat at 4,520 KUWAIT retreated 1.6% to 8,544 (Reporting by Ateeq Shariff in Bengaluru; Editing by Vijay Kishore)
Reuters
7 hours ago
- Business
- Reuters
Most Gulf markets in red amid escalating Israel-Iran conflict
June 18 (Reuters) - Most stocks markets in the Gulf fell in early trade on Wednesday with investors exercising restraint due to fighting between Iran and Israel that entered a sixth day, sparking fears of potential regional instability. Thousands of people were fleeing Tehran and other major cities, Iranian media reported, as Iran and Israel launched new missile strikes at each other despite U.S. President Donald Trump calling for Tehran's unconditional surrender. Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.7%, weighed down by a 0.6% fall in Al Rajhi Bank ( opens new tab and 1% decrease in the country's biggest lender Saudi National Bank ( opens new tab. Among other losers, Prince Waleed bin Talal-backed airline Flynas Company ( opens new tab plunged about 13% in debut trade. The Saudi Exchange allows 30% fluctuation limits during the first three days of trade. Elsewhere, oil behemoth Saudi Aramco ( opens new tab was down 0.6%. Oil prices - a catalyst for the Gulf's financial markets - eased in Asian trade, after a gain of 4% from the previous session, as markets weighed the chance of supply disruptions from the Iran-Israel conflict against a U.S. Federal Reserve interest rate decision that could weigh on oil demand. Dubai's main share index (.DFMGI), opens new tab lost 0.6%, with toll operator Salik ( opens new tab declining 2.1% and sharia-compliant lender Dubai Islamic Bank ( opens new tab retreating 1.6%. The Qatari index (.QSI), opens new tab fell 0.1%, hit by a 1.6% fall in Commercial Bank ( opens new tab. In Abu Dhabi, the index (.FTFADGI), opens new tab edged 0.1% higher.
