Gulf Markets End Mixed on Sunday: Saudi Index Rises 0.8%, Qatar Falls 2% to a Six-Year Low, Egypt Drops 2.6%
Gulf markets ended mixed on Sunday as geopolitical tensions weighed, Reuters reported on October 18. Saudi Arabia was lifted by higher oil prices, while Qatar fell to a six-year low and Egypt slipped as it was drawn further into the Middle East turmoil.
Saudi Arabia's benchmark index rose 0.8% to 10,190, led by a 2.1% rise in oil company Saudi Aramco. Oil prices supported the move: Brent crude futures settled on Friday up $3.94, or 3.7%, at $109.86 a barrel, their highest since May 19. Traders feared that rising tensions in the Middle East could further tighten supply, and were also assessing how much diesel Russia could supply to the global market, Reuters said.
In Qatar, the index fell 2% to 8,634, its lowest close since April 2020. Petrochemical maker Industries Qatar declined 4.3%, and Qatar Islamic Bank shed 2.6%.
Outside the Gulf, Egypt's blue-chip index declined 2.6% to 50,896, its biggest intraday fall since February. Bahrain's index dropped 0.5% to 1,899, Oman's eased 0.3% to 7,656, and Kuwait's fell 0.2% to 8,871.
On the diplomatic front, Iranian Foreign Minister Abbas Araqchi told Iranian media on Sunday that Tehran's offer to the United States to reopen the Strait of Hormuz within seven days was still on the table, Reuters said in the same report. The Egyptian presidency said Cairo is ready to give Saudi Arabia the support it needs to defend its security and stability. (GSM, from Reuters reporting)
Published by GSM · USA (original Chinese edition)
Photo: 图：沙特阿拉伯利雅得天际线资料照片（含王国中心）。照片：B.alotaby，Wikimedia Commons，CC BY-SA 4.0。Photo: the Riyadh skyline, Saudi Arabia, including the Kingdom Centre (file photo). Photo by B.alotaby via Wikimedia Commons, CC BY-SA 4.0.
