Sunday 4 August 2024

Middle Eastern stocks tumble on regional tensions | Reuters

Middle Eastern stocks tumble on regional tensions | Reuters


Stock markets in the Middle East ended lower on Sunday amid tensions in the region following the assassination of Hamas leader Ismail Haniyeh, a day after an Israeli strike in Beirut killed a top military commander from Lebanese armed group Hezbollah.

A high-level Israeli delegation arrived in Cairo on Saturday for an attempt to resume Gaza ceasefire negotiations, but returned home later in the day, the Egyptian airport authority and Israeli media said.

Saudi Arabia's benchmark index (.TASI), opens new tab slid 2.4%, dragged down by a 10% plunge in aluminium products manufacturer Al Taiseer Group (4143.SE), opens new tab and a 2.7% drop in Al Rajhi Bank (1120.SE), opens new tab.

Among other losers, oil giant Saudi Aramco (2222.SE), opens new tab was down 1.3%.

Hezbollah forces on Friday resumed rocket and artillery attacks against Israel, ending a lull along the border following Israel's killing of the Lebanese group's military commander in Beirut.

The Qatari benchmark (.QSI), opens new tab lost 0.7%, with petrochemicals maker Industries Qatar (IQCD.QA), opens new tab falling 0.7%.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab declined 2.9%, with all the constituents of the index in negative territory including E-Finance for Digital and Financial Investment (EFIH.CA), opens new tab, which was down 8%.

Separately, Egypt's net foreign assets (NFAs) stayed positive for a second straight month in June having been deeply negative for more than two years, central bank data showed.

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