Mideast Stocks: Most Gulf markets ease on fears of broader Iran conflict
29/03/2026 13:53
Updates to closing prices By Ateeq Shariff March 29 (Reuters) - Most Gulf stock markets ended lower on Sunday as fears of a broader Iran-linked conflict weighed on investor sentiment after Yemen's Houthis launched their first attacks on Israel since the conflict began and the U.S. deployed additional forces to the Middle East. The Washington Post reported on Saturday that U.S. officials said the Pentagon was making preparations for a potential multi-week ground operation in Iran, though it remained uncertain whether President Donald Trump would authorise the deployment of ground forces. Saudi Arabia's benchmark index .TASI gave up early gains to finish 0.1% down, with Saudi National Bank 1180.SE losing 1.9%. Meanwhile, the kingdom's East-West pipeline, which circumvents the Strait of Hormuz, is pumping oil at full capacity of 7 million barrels per day, Bloomberg News reported on Saturday, citing a person familiar with the matter. Brent crude futures LCOc1 rose by $4.56, or 4.2%, to $112.57 a barrel on Friday, reflecting scepticism over prospects for a ceasefire in the month-old Iran war. O/R The Qatari index .QSI declined 1% as Qatar National Bank QNBK.QA, the Gulf's biggest lender by assets, retreated by 1.3%. The Kuwait bourse .BKP dropped 0.7% and the Bahrain market .BAX dipped by 0.1%. Bucking the trend, Oman's index .MSX30 gained 0.8%. Outside the Gulf, Egypt's blue-chip index .EGX30 fell 1.3%, with Commercial International Bank COMI.CA losing 1.1%. Egypt will slow down large state projects that involve high fuel and diesel consumption for at least two months while fuel allocations for all government vehicles will be cut by 30%, Prime Minister Mostafa Madbouly said on Saturday.
| Saudi Arabia | .TASI lost 0.1% to 11,076 |
| Qatar | .QSI declined 1% to 10,160 |
| Egypt | .EGX30 dropped 1.3% to 46,404 |
| Bahrain | .BAX eased 0.1% to 1,908 |
| Oman | .MSX30 gained 0.8% to 8,029 |
| Kuwait | .BKP fell 0.7% to 8,924 |
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