Gulf Stock Markets React to Israel-Hamas Conflict

The stock markets in the Gulf region experienced mixed movements on Monday amidst escalating concerns over the Israel-Hamas conflict potentially spreading further. In Qatar, the benchmark index declined by 0.5%, driven by losses in sectors such as industry, materials, and finance. Key players like Qatar National Bank and Industries Qatar faced setbacks, with the former dropping by 0.4% and the latter sliding by 0.9%. Meanwhile, in Abu Dhabi, the benchmark index saw a slight decrease, with Agility Global and Multiply Group witnessing declines of 2.8% and 2.1%, respectively. Notably, Aldar Properties, the leading developer in Abu Dhabi, managed to buck the trend by rising 2.8%. In Saudi Arabia, the benchmark index remained flat as gains in healthcare, consumer discretionary, industry, and real estate sectors offset losses in finance, consumer staples, and IT stocks. Saudi National Bank and SABIC Agri-Nutrients faced declines of 2.5% and 2.1%, while Middle East Pharmaceutical recorded a gain of 2.3%. Bupa Arabia for Cooperative Insurance stood out with a remarkable 10% surge following a substantial 90.6% increase in quarterly net profit. Over in Dubai, the benchmark index closed 0.3% higher, marking its third consecutive session of gains. Emaar Properties, a prominent developer in Dubai, saw a 1.9% increase, while Emirates NBD, the largest lender in the emirate, added 1.2%.

As tensions in the region continue to impact market sentiment, investors are closely monitoring developments in the Israel-Hamas conflict and their potential implications on the Gulf economies. The mixed performance of the stock markets reflects the uncertainty and volatility prevailing in the region. With key players in various sectors experiencing both gains and losses, market participants are advised to exercise caution and stay informed about the evolving situation to make well-informed investment decisions.