Middle Eastern markets that opened on Sunday showed little sign of panic a day after Israel started its ground invasion of Gaza.
Israel’s TA-35 stock index was up 1.3% at the close in Tel Aviv, its first gain in three trading days. The index is down 11% since Israel declared war after a Hamas infiltration on Oct. 7. Moves on other major equity exchanges in the region were mostly subdued, with the Tadawul All Share Index in Riyadh and Qatar’s gauge rising less than 1% each. The EGX30 gauge in Cairo fell 0.8% and stocks in Kuwait dropped 2.5%.
With a ground invasion of Gaza widely expected before it began on Saturday, investors have been on alert for any signs that the conflict could expand, for example by deepening hostilities with other regional powers and drawing in other nations, including Iran and possibly the US. Saudi Arabia and the UAE condemned the intensified ground operations over the weekend as Israel warned they were the beginning of a long war.
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