Mideast Stocks: Most Gulf bourses end subdued on regional tensions

Commercial International Bank Egypt CIB

10/10/2024 14:21

By Ateeq Shariff
       Oct 10 (Reuters) - Most stock markets in the Gulf closed
in a subdued mood on Thursday against the backdrop of simmering
geopolitical tensions in the region.
    Israel's military said it had eliminated a Hezbollah member
in Syria who relayed intelligence against Israel in the
Israeli-occupied Golan Heights, while Syrian media reported on
Thursday that Israeli airstrikes hit targets in Syria.
    Israel has escalated its retaliation for the Hamas attack
and rocket fire from Lebanon, sending troops into Lebanon and
airstrikes into Iran, Yemen and Syria in the hunt for
Iran-backed militants, raising fears of a wider Middle East
conflict.
    Saudi Arabia's benchmark index  .TASI  gained 0.6%, with
aluminium products manufacturer Al Taiseer Group  4143.SE 
advancing 1% and Al Rajhi Bank  1120.SE  up 1.7%.
    The Saudi index added 0.3% for the week.
    The market was adversely affected by the possibility of
further escalation, which dampened the optimism generated by the
anticipation of third-quarter results expected later this month,
said Joseph Dahrieh, Managing Principal at Tickmill.
    "These results could potentially bolster the market.
However, the path ahead remains uncertain."
    Dubai's main share index  .DFMGI  rose 0.3%, with
sharia-compliant lender Dubai Islamic Bank  DISB.DU  gaining
0.7%.
    In Abu Dhabi, the index  .FTFADGI  lost 0.3%.
    The Qatari benchmark  .QSI  ended flat.
    Outside the Gulf, Egypt's blue-chip index  .EGX30  retreated
1.3%, with Commercial International Bank  COMI.CA  falling 1.8%.
    The International Monetary Fund's fourth review of Egypt's
$8 billion loan has been delayed until after the IMF's annual
meetings, Prime Minister Mostafa Madbouly said on Wednesday.
    The fourth review was expected to be completed on or after
Sept. 15, the IMF said in August, one of eight reviews of
Egypt's latest 46-month loan programme.
    
 SAUDI ARABIA   .TASI  rose 0.6% to 11,994
 ABU DHABI      .FTFADGI  fell 0.3% to 9,251
 DUBAI          .DFMGI  gained 0.3% to 4,438
 QATAR          .QSI  closed flat at 10,509
 EGYPT          .EGX30  lost 1.3% to 30,762
 BAHRAIN        .BAX  was flat at 1,999
 OMAN           .MSX30  added 0.2% to 4,751
 KUWAIT         .BKP  finished flat at 7,579
 
 (Reporting by Ateeq Shariff in Bengaluru; editing by Philippa
Fletcher)
 ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))