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Bloomberg Quint

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Image Credit: Bloomberg Quint

Israeli, Saudi Stocks Fall As Middle East Conflict Worsens

  • Israeli stocks fell as Prime Minister Benjamin Netanyahu's government began airstrikes against Iran.
  • Saudi Arabia's equity benchmark also declined amid concerns of a wider conflict in the region.
  • The Tel Aviv Stock Exchange 35 Index dropped 1.5% on Sunday, following a 1.5% decline last week.
  • The Tadawul All Share Index in Saudi Arabia slid 2.5%, while Egypt's EGX 30 Index sank 7.7%, the most in over a year.
  • The selloff occurred as Israel and Iran engaged in attacks for a third day, impacting markets and currencies.
  • On Friday, the shekel experienced its largest drop in 11 months, and oil prices rose by 7% due to the escalating conflict.
  • The situation led to investors flocking to traditional safe-haven assets like gold and the dollar.
  • The markets were closed on Friday amid the intensifying hostilities between Israel and Iran.

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