Business
Most Gulf markets in red amid escalating Israel-Iran conflict
Most Gulf markets in red amid escalating Israel-Iran conflict
About this update from Al Rajhi Bank
Most stocks markets in the Gulf fell in early trade on Wednesday with investors exercising restraint due to fighting between Iran and Israel that entered a sixth day, sparking fears of potential regional instability.Thousands of people were fleeing Tehran and other major cities, Iranian media reported, as Iran and Israel launched new missile strikes at each other despite U.S. President Donald Trump calling for Tehran's unconditional surrender.Saudi Arabia's benchmark index TADAWUL:TASI dropped 0.7%, weighed down by a 0.6% fall in Al Rajhi Bank TADAWUL:1120 and 1% decrease in the country's biggest lender Saudi National Bank TADAWUL:1180.Among other losers, Prince Waleed bin Talal-backed airline Flynas Company TADAWUL:4264 plunged about 13% in debut trade.The Saudi Exchange allows 30% fluctuation limits during the first three days of trade.Elsewhere, oil behemoth Saudi Aramco TADAWUL:2222 was down 0.6%.Oil prices - a catalyst for the Gulf's financial markets - eased in Asian trade, after a gain of 4% from the previous session, as markets weighed the chance of supply disruptions from the Iran-Israel conflict against a U.S. Federal Reserve interest rate decision that could weigh on oil demand.Dubai's main share index DFM:DFMGI lost 0.6%, with toll operator Salik DFM:SALIK declining 2.1% and sharia-compliant lender Dubai Islamic Bank DFM:DIB retreating 1.6%.The Qatari index QSE:GNRI fell 0.1%, hit by a 1.6% fall in Commercial Bank QSE:CBQK.In Abu Dhabi, the index ADX:FADGI edged 0.1% higher.