GULF MARKETS SLIDE ON IRAN WAR FEARS — BUT QATAR SURGES 4.6%

Gulf stock markets fell on Sunday as investors remained wary of the risk of renewed conflict between the United States and Iran after this week's U.S. midterm elections, Reuters reported — although Qatar's market bucked the regional trend.

Countries across the Gulf have been bracing for the possibility that President Donald Trump could resume military action against Iran after the November 3 vote. Tehran has repeatedly warned it would retaliate against any new attacks by targeting U.S. and Israeli interests in neighbouring countries.

Saudi Arabia's benchmark index slipped 0.8% to 9,838, with nearly all constituents ending lower. Saudi Arabian Mining Co lost 2.6%, while Jabal Omar Development fell 7.3%. IT solutions provider Elm Co gained 9% after reporting a 39% rise in quarterly net profit.

Qatar's benchmark index rebounded from the previous session's decline to rise 4.6% to 9,575, marking its sharpest intraday percentage gain in more than eight years. Qatar National Bank advanced 3%, while QatarEnergy-linked Industries Qatar jumped 7.9%.

Investor sentiment in Qatar was supported by QatarEnergy's efforts to secure long-term liquefied natural gas supplies from the United States and other producers, as part of a trading strategy designed to protect revenues should exports through the Strait of Hormuz be disrupted.

Elsewhere, Kuwait lost 0.8% to 8,826, Bahrain fell 0.6% to 1,819, Oman dropped 0.7% to 7,293, and Egypt's blue-chip index fell 1.9% to 48,650 after Egypt's central bank raised its key interest rates by 100 basis points on Thursday, its first rate increase since March 2024.