DUBAI: Stock gauges in Saudi Arabia, Abu Dhabi, Kuwait and Qatar declined on Sunday as investors weighed rising geopolitical tension in the Gulf.
All equity markets in the Gulf retreated on the final trading session of last week after two oil tankers were damaged in the Gulf of Oman, with the US blaming Iran.
After the incident, Saudi Crown Prince Mohammed Bin Salman said in an interview with the Saudi-owned Asharq Al Awsat newspaper that the kingdom does not seek war in the region, “but will not hesitate in dealing with any threats towards our people, sovereignty, unity and vital interests.”
Some traders hope the recent losses trigger buying and allow for quick profit-taking, according to Issam Kassabieh, senior financial analyst at Mena Corp in Dubai. “Still, the political tensions are present and quite heightened,” he said.