Gulf markets mostly fall weekly as U.S.-Iran tensions escalate
Dubai, July 18 (SANA)MostGulf stock marketsended the trading week lower as rising military tensions between the United States and Iran weighed on investor sentiment following a new round ofU.S. strikeson Iranian military targets.
Saudi Arabia’s benchmark TadawulAll Share Index (TASI) gained 0.15% in the final session of the week, supported by banking and energy stocks, but ended the week down 0.8% for its fourth consecutive weekly decline, Reuters reported on Saturday.
InKuwait, the Premier MarketIndex rose 0.07% in the last trading session of the week but closed the week 0.2% lower. The Main Market Index gained 1%.
In the United Arab Emirates, Abu Dhabi’s benchmark index fell 1.6% on a weekly basis, while Dubai’s main index dropped 3.8%, marking its biggest weekly decline in four months amid pressure on real estate and banking stocks.
Earlier on Saturday, theU.S. Central Command (CENTCOM)said it had conducted a new round of air, land and naval strikes against targets in Iran, marking the seventh consecutive night of attacks, following repeated Iranian strikes on vessels in theStrait of Hormuz.