Mideast Stocks: Gulf stock markets advance despite regional conflict
Major stock markets in the Gulf advanced in early trade on Monday amid rising oil prices, as investors anxiously waited to see if Iran would retaliate against U.S. attacks on its nuclear sites.
Oil prices jumped to their highest since January as the United States' weekend move to join Israel in attacking Iran's nuclear facilities stoked supply concerns.
Market participants expect further price gains amid mounting fears that an Iranian retaliation may include closing the Strait of Hormuz, through which roughly a fifth of global crude supply flows.
Saudi Arabia's benchmark index gained 0.7%, with Al Rajhi Bank rising 0.6% and Saudi Arabian Mining Company putting on 2%.
Regional stock markets were recovering to a certain extent as investors could see U.S. intervention potentially forcing Iran into peace talks, said Hani Abuagla, senior market analyst at XTB MENA.
Dubai's main share index advanced 1%, led by a 2.4% jump in blue-chip developer Emaar Properties and a 1.7% increase in sharia-compliant lender Dubai Islamic Bank .
Gulf states, home to multiple U.S. military bases, were on high alert on Sunday, with their leaders calling on all parties to exercise maximum restraint following U.S. strikes on Iran that raised the possibility of a wider conflict.
Nuclear authorities in Saudi Arabia and the UAE said they had not detected signs of nuclear contamination following the strikes in Iran.
The Abu Dhabi index added 0.2%.
According to Abuagla, most markets have already recorded a significant selloff, while some investors might have priced in a worst-case outcome. As a result, the market could see a normalization if current conditions did not change too much.
In Qatar, the index climbed 1.3%, with the Gulf's biggest lender Qatar National Bank rising 0.8% and Qatar International Islamic Bank leaping 3.6%.
(Reporting by Ateeq Shariff in Bengaluru; Editing by Alex Richardson)
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