LONDON: Most stock markets in the Gulf were trading higher on Sunday, relatively unscathed by escalating tension in the region following US strikes on Iranian nuclear sites, as investors assessed the potential economic impact of the conflict.
US forces struck Iran’s three main nuclear sites late on Saturday, and President Donald Trump warned Tehran it would face more devastating attacks if it does not agree to peace.
By around 0915 GMT, Saudi Arabia’s benchmark index TASI had edged 0.4 percent higher, helped by a 0.7 percent rise in the country’s biggest lender, Saudi National Bank. Qatar’s benchmark index QSI had gained 0.2 percent, reversing slight early losses.
“It is admittedly a bit surprising to see regional equities shrugging off the US strikes on Iran with relative ease, with opening losses having pared relatively rapidly,” said Michael Brown, Senior Research Strategist at Pepperstone.
Brown said that the markets had already discounted the probability of a US attack, and investors anticipated a swifter resolution to the conflict following the attacks.
