Gulf Markets Fall on Sunday as Qatar Surges 4.6%: Saudi Index Down 0.8%
November 1 — Gulf stock markets fell on Sunday as investors remainedwary of the risk of renewed conflict between the United States andIran after the November 3 midterm elections, although Qatar's marketbucked the regional trend.
Reuters reported that countries across the Gulf have been bracing forthe possibility that President Donald Trump could resume militaryaction against Iran after the November 3 vote. Tehran has repeatedlywarned it would retaliate against any new attacks by targeting U.S.and Israeli interests in neighbouring countries.
Saudi Arabia's benchmark index (.TASI) slipped 0.8% to 9,838, withnearly all constituents ending lower. Saudi Arabian Mining Co(1211.SE) lost 2.6%, while Jabal Omar Development fell 7.3% after thereal estate developer reported a third-quarter net loss of 261.61million riyals ($69.76 million), compared with a net profit of 197.85million riyals a year earlier. IT solutions provider Elm Co (7203.SE),however, gained 9% after reporting a 39% rise in quarterly net profit.
Qatar's benchmark index (.QSI) rebounded from the previous session'sdecline to rise 4.6% to 9,575, marking its sharpest intradaypercentage gain in more than eight years. Investor sentiment in Qatarwas supported by QatarEnergy's efforts to secure long-term liquefiednatural gas supplies from the United States and other producers aspart of a trading strategy designed to protect revenues should exportsthrough the Strait of Hormuz be disrupted. S&P affirmed Qatar'sAA/A-1+ sovereign ratings with a stable outlook, citing the country'ssubstantial liquid, fiscal and external asset buffers amid regionalsecurity and trade-flow risks. Qatar National Bank (QNBK.QA) advanced3%, while QatarEnergy-linked industrial conglomerate Industries Qatar(IQCD.QA) jumped 7.9%.
Kuwait (.BKP) lost 0.8% to 8,826; Bahrain (.BAX) fell 0.6% to 1,819;Oman (.MSX30) was down 0.7% to 7,293. Outside the Gulf, Egypt'sblue-chip index (.EGX30) fell 1.9% to 48,650, with nearly all stocksclosing lower. Commercial International Bank (COMI.CA) declined 2.2%,while Talaat Moustafa Group (TMGH.CA) dropped 2%. Egypt's central bankraised its key interest rates by 100 basis points on Thursday, itsfirst rate increase since March 2024.
Source: GSM · USA (original Chinese edition)
Photo: 卡塔尔首都多哈西湾天际线。CC BY 4.0，经Wikimedia Commons。 / West Bay skyline of Doha, Qatar. CC BY 4.0, via Wikimedia Commons.
