Major stock markets in the Gulf rose in early trade on Monday as tensions eased after Iran played down Israel's strikes on military targets over the weekend, saying the air attack had caused only limited damage, reports Reuters.
The strikes bypassed Tehran's oil and nuclear infrastructure and did not disrupt energy supplies, easing geopolitical tensions in the broader region.
And while that sent oil prices tumbling, the regional equity indexes gained.
Saudi Arabia's benchmark index gained 0.3 per cent, on course to extend gains from the previous session, with Al Rajhi Bank increasing 0.5 per cent and Saudi Arabian Mining Company advancing 1.5 per cent.
The Qatari index added 0.2 per cent, with diary firm Baladna edging 0.1 per cent higher, after reporting a rise in nine-month net profit.
Among other gainers, utility firm Qatar Electricity and Water Company rose 0.8 per cent following an increase in nine-month profit.
In Abu Dhabi, the index advanced 1 per cent.
Dubai's main share index climbed 1.1 per cent, led by a 2.2 per cent rise in blue-chip developer Emaar Properties and a 2.4 per cent gain in toll operator Salik Company.
Major Gulf markets rise as Iran downplays Israel's strikes
FE Team | Published: October 28, 2024 22:01:56
Major Gulf markets rise as Iran downplays Israel's strikes
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