Most stock markets in the Gulf ended higher on Monday as investors kept geopolitical concerns in check after Iran's weekend attacks on Israel.
Iran's attack involved more than 300 missiles and drones, and was the first on Israel by another country in more than three decades, raising fears of a broader regional conflict affecting oil traffic through the Middle East.
The attack, which Iran called retaliation for an air strike on its Damascus consulate, caused only modest damage.
Israel, which is at war with Iran-backed Hamas militants in Gaza, has neither confirmed nor denied it struck the consulate.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.3%, helped by a 6.8% jump in ACWA Power (2082.SE), opens new tab.
ACWA was up for a sixth consecutive session, building on gains as the market reopened after being closed last week for the Eid holiday.
On April 3, the company announced the start of partial commercial operations of its Sirdarya gas-turbine plant in Uzbekistan.
However, oil giant Saudi Aramco (2222.SE), opens new tab retreated 1%.
Oil prices - a catalyst for the Gulf's financial markets - showed traders had largely priced in a retaliatory attack from Iran, which could lead to more strictly enforced sanctions on Iranian oil.
Brent crude futures peaked at $92.18 a barrel last week, the highest level since October. Monday's 1% drop left Brent back below $90 per barrel.
The Qatari benchmark (.QSI), opens new tab closed 0.8% higher, led by a 3.5% rise in Qatar Gas Transport (QGTS.QA), opens new tab.
In Abu Dhabi, the index (.FTFADGI), opens new tab was up 0.2%. Dubai's main share index (.DFMGI), opens new tab reversed early losses to conclude flat.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab jumped 3.9% with most of its constituents in positive territory, including Commercial International Bank (COMI.CA), opens new tab, up 3.1%.
No comments:
Post a Comment