MIDEAST STOCKS-Kuwait leads Gulf losses as U.S.-Iran tensions escalate, Aramco lowest since IPO - Reuters:
Gulf bourses saw steep declines on Sunday,
with Kuwait falling the most following tensions between the
United States and Iran, while outside the Gulf Egypt was also
hard hit as all its shares ended lower.
Iranian military commander Qassem Soleimani was killed on
Friday in a U.S. drone strike on his convoy at Baghdad airport,
seen by Tehran as an act of war that risks regional
conflagration.
"Not surprising, the Gulf markets are reacting negatively
given we are in the middle of all the geopolitics action," said
Vrajesh Bhandari, senior portfolio manager at Al Mal Capital.
"We fear this can be an overhang over the next few months and
not just a one day or week thing."
Saudi Arabia's benchmark index lost 2.4%, weighed
down by a 2.1% drop in Al Rajhi Bank and a 1.7% fall
in state-owned Aramco to 34.6 riyals, which hit its
lowest intraday level since last month's market debut.
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