Monday, 30 September 2024

Most Gulf markets end lower on rising tensions in the region | Reuters

Most Gulf markets end lower on rising tensions in the region | Reuters


Most stock markets in the Gulf ended lower on Monday as geopolitical tensions in the region simmered, with the Saudi index extending losses from the previous session when it snapped a 7-day winning streak

Hezbollah fighters are primed to confront any Israeli ground invasion of Lebanon, the group's deputy leader Naim Qassem said on Monday in his first public speech since Israeli airstrikes killed its veteran chief Hassan Nasrallah last week.

Israel says it will do whatever it takes to return its citizens to evacuated communities on its northern border safely.

It has not ruled out a ground invasion and its troops have been training for it.

Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.4%, with aluminium products manufacturer Al Taiseer Group (4143.SE), opens new tab losing 0.3% and Al Rajhi Bank (1120.SE), opens new tab was down 1%.

The kingdom drew net inflows of 11.7 billion riyals ($3.12 billion) in foreign direct investment (FDI) in the second quarter, down 7.5% from a year earlier, government data showed on Monday.

Dubai's main share index (.DFMGI), opens new tab finished 0.4% lower, hit by a 2.2% slide in top lender Emirates NBD (ENBD.DU), opens new tab.

In Abu Dhabi, the index (.FTFADGI), opens new tab declined 0.5%.

The Qatari benchmark (.QSI), opens new tab gained 0.3%, helped by a 1.7% rise in Qatar Islamic Bank (QISB.QA), opens new tab.

Oil prices - a catalyst for the Gulf's financial markets - declined and were on track to fall for the third month in a row as a strong supply outlook and questions around demand outweighed fears that Israeli strikes in Lebanon and Yemen could escalate conflict in the Middle East.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab gained 0.4%, with Talaat Mostafa Holding (TMGH.CA), opens new tab advancing 2.6%.

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