Gulf Stock Markets See Declines as Tensions Rise Between Israel and Palestine; King Salman Undergoes Routine Check-Ups in Hospital

On Wednesday, the stock markets in the Gulf region experienced declines as tensions escalated between Israel and Palestine. The Saudi index dropped by 1.03%, mainly due to declines in ACWA Power and Saudi National Bank shares. Additionally, a Reuters poll indicated that Saudi Arabia is likely to have slower economic growth this year, while the UAE is predicted to have the fastest growth in the region.

In other news, King Salman was admitted to a hospital in Jeddah for routine check-ups. Meanwhile, the UAE’s stock markets remained relatively stable, with the Dubai index rising slightly while the Abu Dhabi market saw a slight decline. In terms of other market movements in the region, there were losses in Qatar, Kuwait and Bahrain, but gains were made at Muscat Market index.

Outside of the Gulf region, Egypt’s leading stock index fell by 3.2%, including Commercial International Bank stock among those experiencing declines despite slow growth projections for this year. However, it is expected that the Egyptian economy will accelerate next year according to a Reuters poll.