Gulf markets take a beating on fears stemming from Israel’s war with Hamas: Equity gauges in Saudi Arabia, the UAE, and Qatar all fell on Monday, Reuters reports, with Dubai’s benchmark index posting its sharpest decline since June of last year, while Saudi’s index fell 0.2%, after suffering its steepest decline in 10 months on Sunday when it fell 1.6%. Further volatility is anticipated in regional markets as the ongoing clashes in Gaza and Israel fuel geopolitical risks and shake market confidence.

Safe haven assets surged: Brent oil prices climbed to as high as USD 89 a barrel on Monday and closed up 4.35% amid worries that increased tensions in the Middle East will affect output. The JPY gained over the USD and the EUR, while fellow safe haven asset gold rose 0.8% throughout the day.

But the jump in oil prices wasn’t reflected by oil stocks: While oil prices rose, the stock price of some Gulf oil and gas producers fell, with Abu Dhabi National Oil Company for Distribution (ADNOC) dropping 3.8% by Monday’s market close.

EGX30

19,410

+0.3% (YTD: +33.0%)

USD (CBE)

Buy 30.83

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

19.25% deposit

20.25% lending

Tadawul

10,575

-0.2% (YTD: +0.9%)

ADX

9,631

-1.3% (YTD: -5.7%)

DFM

4,056

-2.6% (YTD: +21.6%)

S&P 500

4,336

+0.6% (YTD: +12.9%)

FTSE 100

7,492

0.0% (YTD: +0.5%)

Euro Stoxx 50

4,113

-0.8% (YTD: +8.4%)

Brent crude

USD 88.21

+4.3%

Natural gas (Nymex)

USD 3.38

+1.3%

Gold

USD 1,874.80

+1.6%

BTC

USD 27,579

-1.3% (YTD: +67.0%)

THE CLOSING BELL-

The EGX30 rose 0.3% at yesterday’s close on turnover of EGP 1.1 bn (49.4% below the 90-day average). Regional investors were net buyers. The index is up 33.0% YTD.

In the green: Juhayna (+7.7%), Telecom Egypt (+2.2%) and CIRA Education (+1.8%).

In the red: Orascom Development (-2.6%), Abu Qir Fertilizers (-2.1%) and Alexandria Containers and Goods (-2.0%).

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