Most Gulf markets fall as Israel-Palestinian conflict rages | Reuters
Most stock markets in the Gulf sank on Monday as battles between Palestinian Islamist group Hamas and Israel ignited fears of a wider conflict in the Middle East.
Israel said its troops backed by helicopters had also killed a number of armed infiltrators entering the country from Lebanon, further raising concerns fighting could spread two days after Hamas gunmen burst in from Gaza on a deadly rampage.
Dubai's benchmark index (.DFMGI) slumped 2.6%, the sharpest fall since June last year. The index was dragged down by losses in all sectors with real estate developers Emaar Properties (EMAR.DU) and Emaar Development (EMAARDEV.DU) dropping 4.4% and 5% respectively.
The emirate's largest lender Emirates NBD (ENBD.DU) sank 1.9% and Dubai Islamic Bank (DISB.DU) dropped 3.3%.
In Abu Dhabi, the benchmark index (.FTFADGI) retreated for a fourth consecutive session and ended 1.3% lower, the lowest since May as almost all the stocks on the index were in negative territory.
State-owned oil major ADNOC's units Abu Dhabi National Oil Company for Distribution (ADNOCDIST.AD) and ADNOC Logistics (ADNOCLS.AD) lost 3.8% and 1.9% respectively.
Among the losers, the UAE's largest lender First Abu Dhabi Bank (FAB.AD) slipped 1.2% and Abu Dhabi Islamic Bank (ADIB.AD) shed 2%, while blue-chip developer Aldar Properties (ALDAR.AD) slumped 2.9%.
The Qatari index (.QSI) fell for a fourth straight session, ending 1.7% lower, with all stocks in the red.
The region's largest lender Qatar National Bank (QNBK.QA) dropped 2.6% and Qatar Islamic Bank (QISB.QA) slid 1.7%.
Saudi Arabia's benchmark index (.TASI) recovered some of previous session losses, ending 0.2% lower after it slumped 1.6% in last session, the sharpest decline in 10 months.
The kingdom's largest lender Saudi National Bank (1180.SE) dropped 2.2% and Saudi Basic Industries (2010.SE) shed 1.8%.
However, Etihad Atheeb Telecommunication (7040.SE) rose 1.5% and the world's largest Islamic bank by assets, Al Rajhi Bank(1120.SE) gained 1.2%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) recouped some of previous session losses and rose 0.3%.
The index was helped by gains in finance and communications sectors with Commercial International Bank (COMI.CA) rising 1.7% and Telecom Egypt (ETEL.CA) adding 2.2%.
Oil Surges as Israel Conflict Reignites Middle East Volatility - Bloomberg
Oil prices surged after a shock attack on Israel by Hamas brought renewed instability to the Middle East.
More than 1,100 people have died since the fighting between Israel and militant group Hamas broke out over the weekend, in a conflict that has potential repercussions across the wider region. US crude futures surged as much as 5.4% in New York, at one point topping $87 a barrel.
While Israel’s role in global oil supply is negligible, the bloody outbreak threatens to embroil both the US and Iran. The latter has become a major source of extra crude this year, alleviating otherwise tightening markets. Increased application of American sanctions on Tehran could constrain those shipments.
Any retaliation against Tehran — amid reports that it helped to plan the attacks — could endanger the passage of vessels through the Strait of Hormuz, a vital conduit that transports much of the world’s crude and which the Iranian government previously has threatened to close. Iran denied on Monday that it was involved in the assault.
Saudi Arabia submits letter of intent to host 2034 World Cup | Reuters
Saudi Arabia announced it took the second step to bid for 2034 World Cup by submitting a letter of intent to host the event to world soccer governing body FIFA on Monday.
"Last week we announced our ambitions to host the 2034 FIFA World Cup, and this official submission continues our journey to make the dreams of our people a reality," Yasser Al Misehal, President of the Saudi Arabian Football Federation SAFF said in a statement.
"We are extremely committed to presenting the most competitive bid possible that will also help unite the world through football," he added.
SAFF said that once they declared their intention on Wednesday to bid for the tournament, "over 70 FIFA Member Associations from across different continents have publicly pledged their support for the Kingdom."
Last week, FIFA named Morocco, Spain and Portugal as hosts of the 2030 World Cup, with Uruguay, Argentina and Paraguay hosting the opening matches to mark the tournament's centenary.
Major Gulf bourses fall on Israel-Palestinian conflict | Reuters
Major stock markets in the Gulf fell in early trade on Monday, with the Dubai bourse falling the most as military clashes between Israel and the Palestinian Islamist group Hamas deepened political uncertainty across the Middle East.
Israel's troops were still fighting to recapture its own towns from Hamas gunmen on Monday, acknowledging the battle was taking longer than expected more than two days after the militants burst across the fence from Gaza in a deadly rampage.
Dubai's main share index (.DFMGI) declined 2.5%, on course to mark its biggest intraday fall since June last year, as almost all the stocks on the index were in negative territory including blue-chip developer Emaar Properties (EMAR.DU), which retreated 2.6%.
Among other fallers, Shuaa Capital (SHUA.DU) plunged nearly 10% as the board seeks to extinguish anticipated losses through capital reduction and simultaneously raising equity capital.
In Abu Dhabi, the index (.FTFADGI) dropped 1.3%, with the United Arab Emirates' (UAE) biggest lender First Abu Dhabi Bank (FAB.AD) losing 1.9%.
Separately, the UAE has launched its first wind project of commercial size, making use of technology to exploit low wind speeds, as it pushes to boost renewables before hosting the COP 28 climate summit next month.
The Qatari benchmark (.QSI) fell 1.8%, with Qatar National Bank (QNBK.QA) - the Gulf's biggest lender - falling more than 2%.
Qatar's foreign ministry issued a statement on Saturday saying that Israel alone was responsible for the ongoing escalation of violence with the Palestinian people, and called for restraint from both sides.
Saudi Arabia's benchmark index (.TASI) slipped 0.3%, with oil giant Saudi Aramco (2222.SE) falling 0.6%.
The kingdom along with other Arab countries reaffirmed their commitment to "collective and individual voluntary adjustments" to oil production, the Saudi state news agency said on Sunday.
However, concerns about disruptions to supply drove Brent up $3.14 to $87.72 a barrel.
