{"id":607825,"date":"2023-10-10T00:00:00","date_gmt":"2023-10-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/10\/fears-of-israel-hamas-war-escalation-plunge-gulf-markets\/"},"modified":"2023-10-10T00:00:00","modified_gmt":"2023-10-10T00:00:00","slug":"fears-of-israel-hamas-war-escalation-plunge-gulf-markets","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/10\/fears-of-israel-hamas-war-escalation-plunge-gulf-markets\/","title":{"rendered":"Fears of Israel-Hamas war escalation plunge Gulf markets"},"content":{"rendered":"

Gulf markets take a beating on fears stemming from Israel\u2019s war with Hamas: <\/strong>Equity gauges in Saudi Arabia, the UAE, and Qatar all fell on Monday, Reuters<\/a> reports, with Dubai\u2019s benchmark index posting its sharpest decline since June of last year, while Saudi\u2019s 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.<\/p>\n

Safe haven assets surged: <\/strong>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.<\/p>\n

But the jump in oil prices wasn\u2019t reflected by oil stocks: <\/strong> 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\u2019s market close.<\/p>\n

<\/a> <\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

19,410<\/p>\n<\/td>\n

\n

+0.3% (YTD: +33.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE) <\/strong><\/p>\n<\/td>\n

\n

Buy 30.83<\/p>\n<\/td>\n

\n

Sell 30.96<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB <\/strong><\/p>\n<\/td>\n

\n

Buy 30.85<\/p>\n<\/td>\n

\n

Sell 30.95<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE <\/strong><\/p>\n<\/td>\n

\n

19.25% deposit<\/p>\n<\/td>\n

\n

20.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul <\/strong><\/p>\n<\/td>\n

\n

10,575<\/p>\n<\/td>\n

\n

-0.2% (YTD: +0.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX <\/strong><\/p>\n<\/td>\n

\n

9,631<\/p>\n<\/td>\n

\n

-1.3% (YTD: -5.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM <\/strong><\/p>\n<\/td>\n

\n

4,056<\/p>\n<\/td>\n

\n

-2.6% (YTD: +21.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500 <\/strong><\/p>\n<\/td>\n

\n

4,336<\/p>\n<\/td>\n

\n

+0.6% (YTD: +12.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100 <\/strong><\/p>\n<\/td>\n

\n

7,492<\/p>\n<\/td>\n

\n

0.0% (YTD: +0.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50 <\/strong><\/p>\n<\/td>\n

\n

4,113<\/p>\n<\/td>\n

\n

-0.8% (YTD: +8.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude <\/strong><\/p>\n<\/td>\n

\n

USD 88.21<\/p>\n<\/td>\n

\n

+4.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 3.38<\/p>\n<\/td>\n

\n

+1.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold <\/strong><\/p>\n<\/td>\n

\n

USD 1,874.80 <\/p>\n<\/td>\n

\n

+1.6%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC <\/strong><\/p>\n<\/td>\n

\n

USD 27,579<\/p>\n<\/td>\n

\n

-1.3% (YTD: +67.0%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL- <\/strong><\/p>\n

The EGX30 rose 0.3% at yesterday\u2019s close <\/strong> 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.<\/p>\n

In the green: <\/strong>Juhayna (+7.7%), Telecom Egypt (+2.2%) and CIRA Education (+1.8%).<\/p>\n

In the red: <\/strong>Orascom Development (-2.6%), Abu Qir Fertilizers (-2.1%) and Alexandria Containers and Goods (-2.0%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi\u2019s benchmark index had its steepest decline in 10 months on Sunday<\/p>\n","protected":false},"author":1,"featured_media":607826,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[102,72,119,166,91,122,219],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-607825","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-capital-markets","tag-enterpriseam","tag-financial-markets","tag-israel-palestine-conflict","tag-oil-and-gas","tag-planet-finance","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"625965d8-cd13-4dda-8b27-28ab78b038ec","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/496.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Fears of Israel-Hamas war escalation plunge Gulf markets, while safe haven assets soar","related_issue":[607804],"teaser":"Saudi\u2019s benchmark index had its steepest decline in 10 months on Sunday","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.923b135c-84fb-4c8f-b0ee-fc203f99a83f.mp3"},"yoast_head":"\nFears of Israel-Hamas war escalation plunge Gulf markets - 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Tecom shares fall in Dubai debut","author":"enterpriseam admin","date":"6 July 2022","format":false,"excerpt":"Another sign that the Gulf IPO boom may have peaked: Dubai business park operator Tecom Group dropped as much as 17% in its trading debut in Dubai yesterday, in a fresh sign that Gulf markets are finally feeling the same headwinds as the rest of us. Tecom\u2019s IPO was massively\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":557322,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/14\/uae-targetsusd-1-tn-trading-relationship-with-israel-by-2030\/","url_meta":{"origin":607825,"position":3},"title":"UAE targetsUSD 1 tn+ trading relationship with Israel by 2030","author":"enterpriseam admin","date":"14 September 2021","format":false,"excerpt":"The UAE wants its business ties with Israel to be worth more than USD 1 tn by the end of the decade, the country\u2019s economy minister said Monday, according to Bloomberg. The trading relationship is already worth USD 600-700 mn while bns of USD of investment has already been announced,\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569866,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/10\/global-markets-suffer-worst-days-trading-since-the-2008-crash\/","url_meta":{"origin":607825,"position":4},"title":"Global markets suffer worst day\u2019s trading since the 2008 crash","author":"enterpriseam admin","date":"10 March 2020","format":false,"excerpt":"Global markets suffer worst day\u2019s trading since the 2008 crash: US and European stock markets saw their worst single-day losses since the 2008 financial crisis yesterday as traders, already rattled by the escalating covid-19 crisis, reacted to a Saudi-Russia oil price war that caused the biggest collapse in oil prices\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/116.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":560910,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/17\/what-the-markets-are-doing-on-17-march-2021\/","url_meta":{"origin":607825,"position":5},"title":"What the markets are doing on 17 March 2021","author":"enterpriseam admin","date":"17 March 2021","format":false,"excerpt":"Saudi Arabia\u2019s oil sector is facing its biggest slump in a decade, keeping the kingdom in recession in 4Q2020. Activity in the Saudi oil sector fell 8.5% during the quarter, a contraction that Bloomberg says is the biggest since at least 2011. The fall in output is largely due to\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/607825","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=607825"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/607825\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/607804"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/607826"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=607825"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=607825"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=607825"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=607825"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=607825"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}