Middle East markets fall as Russia-Ukraine tensions escalate | Reuters
Major Gulf bourses fell on Monday as global markets reacted to imposition of more sanctions on Russia, while crude oil prices soared above $100 a barrel again.
The rouble plunged nearly 30% to a record low after Western nations imposed tough new sanctions on Russia for its invasion of Ukraine, including blocking some banks from the SWIFT global payments system.
In a bid to manage the fallout from these actions, Russia's central bank sharply raised its key policy rate to 20%, a day after announcing a slew of measures to support domestic markets. read more
President Vladimir Putin also put Russia's nuclear deterrent on high alert on Sunday.
In the Middle East, Dubai's main index (.DFMGI) fell 0.4%, dragged by financial and real estate stocks.
In Abu Dhabi, the index (.FTFADGI) was down 0.3%.
Saudi Arabia's benchmark index (.TASI) was trading flat, after rising as much as 2.2% in the previous session.
Shares of Saudi Cement (3030.SE) fell marginally after the company posted lower annual profit.
Scientific and Medical Equipment House (4014.SE) opened up 17% on its debut on the stock exchanges, higher than the final IPO price of 52 riyals. Shares rose as much as 30%.
Tourism Enterprises Company (4170.SE) said on Sunday it signed a MoU with Shuaa Capital to buy three hotels in a deal valued at 735 million riyals ($195.92 million).
Tourism Enterprises shares gained 2% a day while shares of Shuaa dropped 2.3%.
The Qatari index (.QSI) edged up marginally in its second straight day of gains.
Qatar Electricity and Water Company was up 0.2% after the company said on Sunday its fiscal profit rose.
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