The Qatari index slumped 1.9%, extending its three-session losing streak, with almost all stocks in negative territory
Most stock markets in the Gulf ended lower on Monday as investors turned cautious amid simmering geopolitical tensions after a drone attack killed three U.S. service members in Jordan, while Dubai bucked the trend.
At least 34 service personnel were also wounded in the attack by militants on U.S. troops in northeastern Jordan, President Joe Biden and U.S. officials said on Sunday, marking a major escalation in tensions that have engulfed the Middle East.
The Qatari index slumped 1.9%, extending its three-session losing streak, with almost all stocks in negative territory.
Qatar Islamic Bank dropped 3.2% and the region’s largest lender, Qatar National Bank, declined 2.1%. Saudi Arabia’s benchmark index was down 0.1%, with most sectors in the red. Media firm MBC Group dropped 2.9% and the world’s largest Islamic bank, Al Rajhi Bank, shed 1.1%.
In Abu Dhabi, the benchmark index was down for a third straight session, ending 0.2% lower, weighed down by a 1% loss in conglomerate Alpha Dhabi and a 2.3% drop in UAE’s largest lender, First Abu Dhabi Bank.
Dubai’s benchmark index inched up 0.2%, aided by gains in most sectors, with Dubai Islamic Bank and tolls operator Salik Co rising 1.1% and 0.9% respectively. However, Emirates Central Cooling Systems Corp slipped 2.2% and Emaar Properties lost 0.4%.
Outside the Gulf, Egypt’s blue-chip index rose for a third consecutive session and ended 2.1% higher, with Commercial International Bank gaining 8.5% and Abu Qir Fertilizers and Chemical Industries surging 7.1%.
Source: Zawya