Most stock markets in the Arab Gulf countries declined on Sunday, as investors remained cautious about fears of renewed escalation between the United States and Iran, just days before the US midterm elections scheduled for next Tuesday.
In the same context, data released by Reuters showed a strong recovery in the Qatari market, where the main Qatari index rose by 4.6%, recording its largest daily percentage gain in more than eight years. This rise was contributed to by a 3% increase in the share of Qatar National Bank, the largest lender in the region, and a 7.95% jump in the share of Qatar Industries linked to QatarEnergy.
For his part, the main Saudi index fell by 0.8%, with almost all traded shares declining. The share of the Saudi Arabian Mining Company "Ma'aden" dropped by 2.6%, while Jabal Omar Development lost 7.3% after the company announced a net loss of 261.61 million riyals, equivalent to 69.76 million dollars, in the third quarter, compared to a net profit of 197.85 million riyals in the same period last year.
The data added that the share of Alim for Information Technology Solutions jumped by 9% after the company announced a 39% increase in its quarterly net profits. In other markets, the main index in Bahrain closed the trading session down by 0.6%, the main index in Oman closed down by 0.7%, and the main index in Kuwait lost 0.8%.
Reports indicated that US President Donald Trump confirmed in statements last Friday that the United States would not launch strikes on Iran before the date of the US congressional midterm elections. Trump reiterated his belief that the war would end soon, clarifying that the priority is ensuring that Tehran does not possess a nuclear weapon.
Syrian Arab News Agency (SANA)
Source: Syrian Arab News Agency (SANA)
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