Gulf stock markets held steady on Sunday after the US struck three nuclear sites in Iran in overnight attacks, escalating the Israel-Iran war that threatens to disrupt energy supplies from the oil-rich region.
Saudi Arabia's Tadawul gave up early gains and its main index ended traded 0.34 per cent lower. Qatar's main index closed up 0.19 per cent, while the main market in Kuwait ended the session 1.81 per cent higher on Sunday.
Bahrain's bourse closed up 0.27 per cent, while the main index on the Muscat bourse reversed early losses to end 0.42 per cent higher.
"Markets are focused on whether the war spreads to other countries and there is no evidence of that as yet," Hasnain Malik, head of emerging and frontier market investment strategy at Tellimer, told The National. "The benign interpretation is that the US intervention will accelerate the end of the war. That, of course, remains to be seen."
Investor attention is now centred on the risk of Iranian retaliation, particularly towards US assets, regional energy infrastructure, and maritime routes like the Strait of Hormuz and the Red Sea, Iridium Advisor said in a note on Sunday morning.
"GCC investor sentiment will be shaped by rising geopolitical risk following US air strikes on Iranian nuclear sites," it said.
"While broad financial disruption appears unlikely, markets will monitor liquidity conditions. For now, the market impact will hinge more on the nature and timing of Tehran’s response than the strikes themselves."
Meanwhile, the Tel Aviv stock market also gained on Sunday, with the TA-125 index up 0.98 per cent and TA-35 up 0.75.
The US military bombed three nuclear sites in Iran, President Donald Trump said on Saturday night, calling the attacks a "spectacular military success".
"Iran's key nuclear enrichment facilities have been completely and totally obliterated," he said.
He also warned of the possibility of further attacks, saying there were "many targets left".
"Iran, the bully of the Middle East, must now make peace. If they do not, future attacks will be far greater and a lot easier."
Iran retaliated on Sunday morning with about 25 missiles, authorities said.
The war, which began on June 13 following air strikes by Israel on Tehran, has rattled investors.
The UAE markets ended higher last week, with the Dubai Financial Market up 1.5 per cent at the close of session and the Abu Dhabi Securities Exchange gaining 0.95 per cent at market close.
Global stocks ended last week on a mixed note, with both the S&P 500 and the Nasdaq composite ending the session on Friday lower, while the Dow Jones Industrial Average closed slightly higher.
In Europe, London's FTSE 100 closed 0.2 per cent lower, while Paris' CAC 40 gained 0.5 per cent. Frankfurt's DAX was up 1.3 per cent.
In Asia, Hong Kong’s Hang Seng index edged 1.3 per cent higher and Shanghai’s composite was down 0.07 per cent, with Japan’s Nikkei down 0.2 per cent.
Uefa Champions League last 16 draw
Juventus v Tottenham Hotspur
Basel v Manchester City
Sevilla v Manchester United
Porto v Liverpool
Real Madrid v Paris Saint-Germain
Shakhtar Donetsk v Roma
Chelsea v Barcelona
Bayern Munich v Besiktas
MATCH INFO
Manchester City 3 (Silva 8' &15, Foden 33')
Birmginahm City 0
Man of the match Bernado Silva (Manchester City)
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Stage result
1. Jasper Philipsen (Bel) Alpecin-Fenix 4:42:34
2. Sam Bennett (Irl) Bora-Hansgrohe
3. Elia Viviani (Ita) Ineos Grenadiers
4. Dylan Groenewegen (Ned) BikeExchange-Jayco
5. Emils Liepins (Lat) Trek-Segafredo
6. Arnaud Demare (Fra) Groupama-FDJ
7. Max Kanter (Ger) Movistar Team
8. Olav Kooij (Ned) Jumbo-Visma
9. Tom Devriendt (Bel) Intermarché-Wanty-Gobert Matériaux
10. Pascal Ackermann (Ger) UAE Team Emirate
More coverage from the Future Forum
Fixtures:
Wed Aug 29 – Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore
Thu Aug 30 - UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman
Sat Sep 1 - UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal
Sun Sep 2 – Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore
Tue Sep 4 - Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong
Thu Sep 6 – Final
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
MATCH INFO
Manchester City 1 (Gundogan 56')
Shakhtar Donetsk 1 (Solomon 69')
Brief scores:
Pakistan (1st innings) 181: Babar 71; Olivier 6-37
South Africa (1st innings) 223: Bavuma 53; Amir 4-62
Pakistan (2nd innings) 190: Masood 65, Imam 57; Olivier 5-59
RESULTS
Dubai Kahayla Classic – Group 1 (PA) $750,000 (Dirt) 2,000m
Winner: Deryan, Ioritz Mendizabal (jockey), Didier Guillemin (trainer).
Godolphin Mile – Group 2 (TB) $750,000 (D) 1,600m
Winner: Secret Ambition, Tadhg O’Shea, Satish Seemar
Dubai Gold Cup – Group 2 (TB) $750,000 (Turf) 3,200m
Winner: Subjectivist, Joe Fanning, Mark Johnston
Al Quoz Sprint – Group 1 (TB) $1million (T) 1,200m
Winner: Extravagant Kid, Ryan Moore, Brendan Walsh
UAE Derby – Group 2 (TB) $750,000 (D) 1,900m
Winner: Rebel’s Romance, William Buick, Charlie Appleby
Dubai Golden Shaheen – Group 1 (TB) $1.5million (D) 1,200m
Winner: Zenden, Antonio Fresu, Carlos David
Dubai Turf – Group 1 (TB) $4million (T) 1,800m
Winner: Lord North, Frankie Dettori, John Gosden
Dubai Sheema Classic – Group 1 (TB) $5million (T) 2,410m
Winner: Mishriff, John Egan, John Gosden
UAE currency: the story behind the money in your pockets
