Gulf stock markets fell on September 2 after the United States struck Iranian targets overnight and Iran retaliated with missile and drone attacks on US bases in Jordan and Bahrain. Dubai's index dropped 0.6%, Qatar's benchmark slipped 0.5%, and Saudi Arabia's Tadawul fell 0.3%.
Dubai's main stock index fell 0.6% in early trading on September 2 after the United States launched airstrikes against Iranian targets overnight. Iran's Revolutionary Guards responded with ballistic missile attacks on a US base in Jordan and drone strikes on a US facility in Bahrain. Qatar's benchmark slipped 0.5%, while Saudi Arabia's Tadawul index dipped 0.3%.
What happened overnight
US forces conducted strikes on Iranian targets during the night of September 1-2, and Tehran answered with missile and drone attacks on the two US facilities. Much of the underlying tension centers on control of the Strait of Hormuz, the narrow waterway through which roughly a fifth of the world's oil supply passes daily.
Where the losses landed
In Dubai, heavyweights bore the brunt: Emaar Properties fell 1.3%, and toll-gate operator Salik dropped 1.1%. Qatar's decline was led by Industries Qatar, which fell 1.2%, and Qatar National Bank, the region's largest lender by assets, which slid 0.5%. Saudi Arabia's stock market saw its Tadawul losses concentrated in utilities, healthcare, and materials, the mildest of the three benchmarks.
Prior US-Iran confrontations over the summer months produced regional index declines ranging from 0.3% to 1.5%. The September 2 sell-off sits within that same range.
Source: Crypto Briefing
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