Latest news with #AlRajhiBank
Business Recorder
3 days ago
- Business
- Business Recorder
Major Gulf markets decline as regional conflict escalates
Major stock markets in the Gulf fell in early trade on Thursday amid investor jitters over potential US involvement in the escalating Israel-Iran conflict. Israel struck a key Iranian nuclear site on Thursday and Iranian missiles hit an Israeli hospital while President Donald Trump kept the world guessing about whether the US would join air strikes seeking to destroy Tehran's nuclear facilities. Saudi Arabia's benchmark index dropped 0.2%, dragged down by a 0.4% fall in Al Rajhi Bank and a 0.6% decrease in oil behemoth Saudi Aramco. The Saudi index is on course for its biggest weekly fall in over two months. However, Prince Alwaleed Bin Talal-backed airline Flynas advanced 3% to 79.60 riyals per share, a day after falling over 3% on its debut. The airline, which sold a 30% stake to investors in the first IPO by a Gulf airline in almost 20 years, was priced at the top of its range at 80 riyals per share. Dubai's main share index declined 1.3%, dragged down by a 2.4% slide in blue-chip developer Emaar Properties and a 2% retreat in sharia-compliant lender Dubai Islamic Bank. Most Gulf markets in red as Israel-Iran conflict escalates Elsewhere, budget airliner Air Arabia was down 1.6%. In Abu Dhabi, the index eased 0.1%. Overnight, the Federal Reserve held rates steady as expected but retained projections for two quarter-point rate cuts this year. The Fed's decisions impact monetary policy in the Gulf, where most currencies, including the riyals, are pegged to the US dollar. The Qatari benchmark fell 0.8%, with Qatar Islamic Bank losing 1.6%.
Zawya
3 days ago
- Business
- Zawya
Mideast Stocks: Major Gulf markets decline as regional conflict escalates
Major stock markets in the Gulf fell in early trade on Thursday amid investor jitters over potential U.S. involvement in the escalating Israel-Iran conflict. Israel struck a key Iranian nuclear site on Thursday and Iranian missiles hit an Israeli hospital while President Donald Trump kept the world guessing about whether the U.S. would join air strikes seeking to destroy Tehran's nuclear facilities. Saudi Arabia's benchmark index dropped 0.2%, dragged down by a 0.4% fall in Al Rajhi Bank and a 0.6% decrease in oil behemoth Saudi Aramco. The Saudi index is on course for its biggest weekly fall in over two months. However, Prince Alwaleed Bin Talal-backed airline Flynas advanced 3% to 79.60 riyals per share, a day after falling over 3% on its debut. The airline, which sold a 30% stake to investors in the first IPO by a Gulf airline in almost 20 years, was priced at the top of its range at 80 riyals per share. Dubai's main share index declined 1.3%, dragged down by a 2.4% slide in blue-chip developer Emaar Properties and a 2% retreat in sharia-compliant lender Dubai Islamic Bank. Elsewhere, budget airliner Air Arabia was down 1.6%. In Abu Dhabi, the index eased 0.1%. Overnight, the Federal Reserve held rates steady as expected but retained projections for two quarter-point rate cuts this year. The Fed's decisions impact monetary policy in the Gulf, where most currencies, including the riyals, are pegged to the U.S. dollar. The Qatari benchmark fell 0.8%, with Qatar Islamic Bank losing 1.6%.
Reuters
4 days ago
- Business
- Reuters
Most Gulf markets in red amid escalating Israel-Iran conflict
June 18 (Reuters) - Most stocks markets in the Gulf fell in early trade on Wednesday with investors exercising restraint due to fighting between Iran and Israel that entered a sixth day, sparking fears of potential regional instability. Thousands of people were fleeing Tehran and other major cities, Iranian media reported, as Iran and Israel launched new missile strikes at each other despite U.S. President Donald Trump calling for Tehran's unconditional surrender. Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.7%, weighed down by a 0.6% fall in Al Rajhi Bank ( opens new tab and 1% decrease in the country's biggest lender Saudi National Bank ( opens new tab. Among other losers, Prince Waleed bin Talal-backed airline Flynas Company ( opens new tab plunged about 13% in debut trade. The Saudi Exchange allows 30% fluctuation limits during the first three days of trade. Elsewhere, oil behemoth Saudi Aramco ( opens new tab was down 0.6%. Oil prices - a catalyst for the Gulf's financial markets - eased in Asian trade, after a gain of 4% from the previous session, as markets weighed the chance of supply disruptions from the Iran-Israel conflict against a U.S. Federal Reserve interest rate decision that could weigh on oil demand. Dubai's main share index (.DFMGI), opens new tab lost 0.6%, with toll operator Salik ( opens new tab declining 2.1% and sharia-compliant lender Dubai Islamic Bank ( opens new tab retreating 1.6%. The Qatari index (.QSI), opens new tab fell 0.1%, hit by a 1.6% fall in Commercial Bank ( opens new tab. In Abu Dhabi, the index (.FTFADGI), opens new tab edged 0.1% higher.
Zawya
4 days ago
- Business
- Zawya
Mideast Stocks: Most Gulf markets in red amid escalating Israel-Iran conflict
Most stocks markets in the Gulf fell in early trade on Wednesday with investors exercising restraint due to fighting between Iran and Israel that entered a sixth day, sparking fears of potential regional instability. Thousands of people were fleeing Tehran and other major cities, Iranian media reported, as Iran and Israel launched new missile strikes at each other despite U.S. President Donald Trump calling for Tehran's unconditional surrender. Saudi Arabia's benchmark index dropped 0.7%, weighed down by a 0.6% fall in Al Rajhi Bank and 1% decrease in the country's biggest lender Saudi National Bank. Among other losers, Prince Waleed bin Talal-backed airline Flynas Company plunged about 13% in debut trade. The Saudi Exchange allows 30% fluctuation limits during the first three days of trade. Elsewhere, oil behemoth Saudi Aramco was down 0.6%. Oil prices - a catalyst for the Gulf's financial markets - eased in Asian trade, after a gain of 4% from the previous session, as markets weighed the chance of supply disruptions from the Iran-Israel conflict against a U.S. Federal Reserve interest rate decision that could weigh on oil demand. Dubai's main share index lost 0.6%, with toll operator Salik declining 2.1% and sharia-compliant lender Dubai Islamic Bank retreating 1.6%. The Qatari index fell 0.1%, hit by a 1.6% fall in Commercial Bank. In Abu Dhabi, the index edged 0.1% higher.
Zawya
4 days ago
- Business
- Zawya
Mideast Stocks: Most Gulf markets in red over Israel-Iran conflict worries
Most stock markets in the Gulf ended lower on Tuesday with investors cautious due to fighting between Iran and Israel that entered a fifth day, sparking fears of potential regional instability. U.S. President Donald Trump, returning early from the G7 summit in Canada on Monday night, urged Iranians to evacuate Tehran. Iranian media reported explosions and heavy air defence fire in Tehran, and air raid sirens sounded in Tel Aviv in response to Iranian missiles. Saudi Arabia's benchmark index dropped 1.4%, weighed down by a 1% fall in Al Rajhi Bank and a 1.3% decline by oil behemoth Saudi Aramco. Dubai's main share index finished 0.6% lower, hit by a 1.2% fall in top lender Emirates NBD. Investors are also watching for details from the U.S. Federal Reserve meeting scheduled to start later in the day, with a decision expected on Wednesday. Traders are currently pricing in two cuts by the end of the year. In Abu Dhabi, the index fell 0.5%. The Iran-Israel conflict, meanwhile, drove oil prices higher, though major oil and gas infrastructure and flows have so far been spared from substantial impact. The Qatari benchmark lost 0.5%, with the Gulf's biggest lender Qatar National Bank retreating 0.8%. Outside the Gulf, Egypt's blue-chip index declined 1%, dragged down by a 4.7% tumble in investment bank EFG Holding . SAUDI ARABIA slid 1.4% to 10,714 Abu Dhabi fell 0.5% to 9,536 Dubai dropped 0.6% to 5,372 QATAR was down 0.5% to 10,411 EGYPT declined 1% to 30,726 BAHRAIN gained 0.3% to 1,910 OMAN eased 0.3% to 4,520 KUWAIT added 0.6% to 8,680 (Reporting by Ateeq Shariff in Bengaluru; Editing by Joe Bavier)
