Mideast Stocks: Most Gulf markets slip on regional tensions, weak oil

Commercial International Bank Egypt CIB

20/10/2024 14:15

By Ateeq Shariff
       Oct 20 (Reuters) - Most stock markets in the Gulf ended
lower on Sunday, dragged down by escalating conflict in the
region and weakening oil prices.
    Israel struck what it said were Hezbollah arms facilities in
southern Beirut on Saturday after the Lebanese armed group fired
rockets into northern Israel and a spokesman said a drone was
launched at Prime Minister Benjamin Netanyahu's holiday home.
    Promises by Israel and its enemies Hamas and Hezbollah to
keep fighting have chilled hopes that the death of Hamas leader
Yahya Sinwar on Wednesday might lead to truces in Gaza and
Lebanon and prevent further escalation in the Middle East.
    Saudi Arabia's benchmark  .TASI  dropped 0.2%, hit by a 1.8%
fall in ACWA Power Company  2082.SE  and a 0.7% decrease in the
country's biggest lender Saudi National Bank  1180.SE .
    Oil - a catalyst for the Gulf's financial markets - fell on
Friday, declining more than 7% on the week after data showed
China's economic growth slowed and investors digested a mixed
Middle East outlook.
    Lower prices and disruptions to crude exports impact fiscal
balances in countries reliant on oil income.
    In Qatar, the index  .QSI  retreated 1.1%, as all its
constituents were in negative territory including the Gulf's
biggest lender Qatar National Bank  QNBK.QA , which was down
1.5%.
    Outside the Gulf, Egypt's blue-chip index  .EGX30  declined
2%, weighed down by a 3.2% slide in Commercial International
Bank  COMI.CA .
           
 SAUDI ARABIA   .TASI  fell 0.2% to 11,883
 QATAR          .QSI  dropped 1.1% to 10,615
 EGYPT          .EGX30  declined 2% to 29,529
 BAHRAIN        .BAX  dropped 0.5% to 1,990
 OMAN           .MSX30  was up 0.2% to 4,810
 KUWAIT         .BKP  down 0.4% to 7,546
 
 (Reporting by Ateeq Shariff in Bengaluru; Editing by Alex
Richardson)
 ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))