Key Takeaways
- Most Gulf stock markets closed lower on Monday due to regional conflict.
- Diplomatic hopes at UN meetings did not outweigh the impact of recent attacks.
- Energy markets remained volatile following threats and attacks.
Most Gulf stock markets closed lower on Monday, reflecting the impact of escalating regional conflict despite diplomatic efforts.
The situation was particularly challenging for Abu Dhabi's index, which fell 1.6%, largely due to a 4.6% slide in International Holding Co (IHC).
IHC has confirmed a corporate restructuring, with Fount Trust as the ultimate parent of Royal Group for long-term stewardship, chaired by UAE National Security Adviser Sheikh Tahnoon bin Zayed Al Nahyan.
Dubai's main share index inched 0.1% higher, buoyed by a 1.3% rise in top lender Emirates NBD.
Saudi Arabia's benchmark index declined 0.6%, hit by a 3.4% fall in ACWA Power Co and a 0.9% decrease in oil major Saudi Aramco.
Qatar's benchmark ended 0.1% higher, with its sovereign wealth fund (QIA) launching a domestic investment division to offset financial strain amid regional conflict and the closure of the Strait of Hormuz.
Outside the Gulf, Egypt's blue-chip index slipped 0.7%, while Saudi Arabia dropped 0.6% to 10,682 points.
Abu Dhabi lost 1.6% to 10,106 points, Dubai added 0.1% to 5,960 points, and Qatar inched 0.1% higher to 9,559 points.
Bahrain was down 0.4% to 1,912 points, and Oman fell 0.4% to 7,550 points, while Kuwait finished flat at 9,183 points.
