Most Gulf markets decline amid renewed escalation between the US and Iran
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From Atiq Sharif
June 7 (Reuters) - Most Gulf stock markets closed lower on Sunday after a new escalation between the United States and Iran hampered efforts to end their war.
The US military said its forces bombed Iranian coastal radar facilities on Saturday after intercepting drones launched by Iran toward the Strait of Hormuz.
The Saudi index fell 0.6 percent, impacted by a 3.1 percent drop in shares of Saudi Arabian Mining Company and a 0.6 percent decline in shares of oil giant Saudi Aramco.
Brent crude futures fell 2 percent on Friday to settle at $93.09 a barrel amid signs that reassured traders that the risk of renewed conflict between the United States and Iran was receding.
Shares of Kingdom Holding Company fell 3 percent, extending their losses. The stock had recently surged amid growing investor enthusiasm surrounding its stake in SpaceX, which Elon Musk is set to take to the public soon.
The Qatari index fell 0.3 percent, affected by a 1.2 percent decline in shares of Qatar National Bank.
The Kuwaiti index fell 0.5 percent, while the Bahraini index rose 0.1 percent.
The Kuwaiti military said on Saturday that it intercepted seven ballistic missiles flying over residential areas, causing material damage but no injuries. In Bahrain, air raid sirens sounded and authorities urged residents to seek shelter. Both countries condemned the attacks.
Outside the Gulf region, Egypt's blue-chip index fell 0.9 percent.
