MIDEAST STOCKS-Most Gulf markets end lower amid fresh US-Iran escalation

Quantum-Si Incorporated Class A
SpaceX
Baxter International Inc.
Tadawul All Shares Index

Quantum-Si Incorporated Class A

QSI

0.00

SpaceX

SPCX

0.00

Baxter International Inc.

BAX

0.00

Tadawul All Shares Index

TASI.SA

0.00

By Ateeq Shariff

- Most Gulf stock markets closed lower on Sunday after a fresh escalation clouded efforts to end the war between the U.S. and Iran.

The U.S. military said its forces struck Iranian coastal radar installations on Saturday after intercepting drones launched by Iran towards the Strait of Hormuz.

Saudi Arabia's benchmark index .TASI fell 0.6%, hit by a 3.1% slide in Saudi Arabian Mining Company 1211.SE and a 0.6% drop in oil major Saudi Aramco 2222.SE..

On Friday, Brent crude futures settled at $93.09 a barrel, down 2%, after traders took comfort from signs that the risk of renewed conflict between the U.S. and Iran was easing. O/R

Kingdom Holding Company 4280.SE fell 3%, extending losses. The stock recently jumped as investor enthusiasm grew over its stake in Elon Musk's soon-to-be-listed SpaceX SPCX.O.

Qatar's index .QSI eased 0.3%, with Qatar National Bank QNBK.QA, the Gulf's biggest lender, retreating 1.2%.

Kuwait's bourse .BKP slipped 0.5%, while Bahrain's .BAX edged up 0.1%.

Kuwait's army said on Saturday it engaged seven ballistic missiles that passed over residential areas, causing material damage but no casualties. In Bahrain, sirens sounded and residents were urged to seek shelter. Both countries condemned the strikes.

Outside the Gulf, Egypt's blue-chip index .EGX30 fell 0.9%.

Saudi Arabia

.TASI fell 0.6% to 10,929

Qatar

.QSI eased 0.3% to 10,305

Egypt

.EGX30 down 0.9% to 52,165

Bahrain

.BAX added 0.1% to 1,983

Oman

.MSX30 dropped 1.9% to 7,519

Kuwait

.BKP lost 0.5% to 9,181