Khaberni - Most Gulf stock markets experienced a decline today, Sunday, as investors assessed the escalating disturbances in the region following Iranian strikes on petrochemical facilities in the UAE, Kuwait, and Bahrain.
Geopolitical risks remained high following Washington's announcement of the rescue of a second pilot whose plane had fallen in Iran, and as US President Donald Trump escalated the tone of his threats.
The Iranian Revolutionary Guard stated today, Sunday, it targeted petrochemical factories in the UAE, Kuwait, and Bahrain, threatening to intensify strikes on American economic interests if the targeting of civilian sites in Iran was repeated.
In Qatar, the index fell by 0.7 percent with the share of Qatar National Bank, the country’s largest bank, dropping by 0.6 percent. The share of Doha Bank plummeted by 6.9 percent, trading without the right to dividend distributions.
No significant change occurred in the Saudi benchmark index after fluctuating trades, outperforming its regional peers amidst efforts by the kingdom to overcome the disturbances in the Strait of Hormuz.
A survey of the business sector today, Sunday, showed a contraction in the non-oil private sector in the kingdom for the first time since August 2020, as the Middle East conflict disrupted supply chains.
