Gulf stock markets closed mixed on Sunday as US-Iran tensions escalated further. Saudi Arabia and Egypt gained on banking and other stocks, while Qatar, Bahrain and Kuwait slipped after the US struck three Iranian tankers over the weekend.
Saudi Arabia's benchmark index rose 0.3% to 11,069, lifted by gains in major banking stocks. Al Rajhi Bank climbed 0.7%. Saudi National Bank gained 1.1%. Egypt's blue-chip index also advanced, up 0.7% to 56,676. Talaat Moustafa Group Holding rose 2.2% within that index.
Other regional markets closed lower. Qatar's index fell 0.3% to 9,734, pressured by declines among its bank stocks. Qatar Islamic Bank declined 0.7%. Bahrain's index slipped 0.1% to 1,937. Kuwait's index lost 0.2% to 9,227. Oman's index closed flat at 7,632.
Traders stayed cautious as the standoff between Washington and Tehran deepened. According to Investing.com: Iran warned of a "painful response" to any additional aggression and committed to counter US sanctions. The conflict has reached a stalemate six months after initial US-Israeli strikes, and diplomatic efforts have failed since a June ceasefire collapsed. Military action resumed following a brief pause in July. US Central Command confirmed it struck three Iranian tankers on Saturday in response to ballistic missile attacks on two US Navy warships.
Source: Investing.com
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