Major Gulf stock markets experienced declines in early Thursday trading, driven by escalating geopolitical tensions in the region. Investors are also awaiting U.S. weekly jobless claims data to assess the state of the labor market.
The ongoing conflict between Israel and Hamas militants in the Gaza Strip has exacerbated the situation, with over 40,500 Palestinians reported killed and widespread devastation throughout the region. Humanitarian agencies highlight severe shortages of food and medicine, as most of the 2.3 million residents have been displaced multiple times.
In Saudi Arabia, the benchmark index fell by 0.2%, impacted by a 0.7% drop in Al Taiseer Group and a 0.6% decline in Saudi National Bank. Additionally, the Public Investment Fund (PIF), the kingdom’s $925 billion sovereign wealth fund, announced it had signed a $15 billion revolving credit facility with 23 financial institutions, replacing a previous loan from 2021.
Dubai’s main share index decreased by 0.4%, influenced by a 0.7% fall in Emaar Properties, while Qatar’s benchmark slipped 0.1%, with Qatar Islamic Bank losing 0.7%. The Abu Dhabi index also saw a decline, dropping 0.3%.
