Gulf markets ended mixed on Sunday as geopolitical tensions weighed. Saudi Arabia was lifted by higher oil prices, while Qatar fell to a six-year low and Egypt slipped as it was drawn further into the Middle East turmoil.
Saudi Arabia’s benchmark index rose 0.8%, led by a 2.1% rise in oil behemoth Saudi Aramco.
Oil prices supported the move. On Friday, Brent crude futures settled up $3.94, or 3.7%, higher at $109.86, their highest since May 19. Traders feared that rising tensions in the Middle East could further tighten supply. They were also assessing how much diesel Russia could supply to the global market. [O/R]
In Qatar, the index fell 2% to 8,634, its lowest close since April 2020. Petrochemical maker Industries Qatar declined 4.3%, and sharia-compliant lender Qatar Islamic Bank shed 2.6%.
On the diplomatic front, Iranian Foreign Minister Abbas Araqchi told Iranian media on Sunday that Tehran’s offer to the United States to reopen the Strait of Hormuz within seven days was still on the table.
Outside the Gulf, Egypt’s blue-chip index declined 2.6%, its biggest intraday fall since February.
The Egyptian presidency said Cairo is ready to give Saudi Arabia the support it needs to defend its security and stability. Yemen’s Iran-aligned Houthis have intensified their attacks on the world’s largest oil exporter.
Saudi Arabia advanced 0.8% to 10 190
Qatar retreated 2% to 8 634
Egypt declined 2.6% to 50 896
Bahrain dropped 0.5% to 1 899
Oman eased 0.3% to 7 656
Kuwait fell 0.2% to 8 871
- Saudi Arabia's benchmark index rose 0.8%, driven by a 2.1% increase in Saudi Aramco, supported by a 3.7% rise in Brent crude futures to $109.86.
- Qatar's index fell 2% to 8,634, its lowest level since April 2020, with Industries Qatar down 4.3% and Qatar Islamic Bank down 2.6%.
- Egypt's blue-chip index declined 2.6%, marking its largest intraday drop since February, amid increased regional turmoil.
- Iranian Foreign Minister Abbas Araqchi stated Tehran's offer to the US to reopen the Strait of Hormuz within seven days remains on the table.
- Other Gulf markets also declined, with Bahrain down 0.5%, Oman down 0.3%, and Kuwait down 0.2%.
