Gulf Stocks Rise 0.9% to 1.1% Despite Iran Shipping Crisis
Updated
Updated · The National · Aug 16
Gulf Stocks Rise 0.9% to 1.1% Despite Iran Shipping Crisis
1 articles · Updated · The National · Aug 16
Summary
Saudi Arabia's Tadawul gained 0.9% to 10,920 and Egypt's EGX30 rose 1.1% to 55,855 on Sunday, extending advances across most Gulf markets despite the Iran-linked security impasse.
Al Rajhi Bank and Saudi Aramco led the Saudi move, while Telecom Egypt jumped 3.6% after reporting a sharp increase in quarterly profit.
The gains came even as shipping through the Strait of Hormuz remained badly disrupted, with only a handful of tankers crossing on Friday after renewed attacks and rising Washington-Tehran tensions.
Trump called Tehran "very evil" and warned U.S. consumers that war-driven fuel prices could stay high, underscoring the broader economic risk beyond regional equities.