The dramatic Saturday in Israel left its mark on stock market trading in the Middle East on Sunday.
Great destruction in Tel Aviv after the attacks against Israel on Saturday. Photo: JACK GUEZ / AFP / NTBPublished:
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The main index on the Tel Aviv Stock Exchange fell more than five percent on Sunday morning. It is the biggest decline on the stock exchange in more than three years, according to Bloomberg.
– Whether this is a massive market moment or not depends on how long it lasts and whether others are sucked into the conflict, says Brian Jacobsen, chief economist at Annex Wealth Management, about the situation in Israel to Reuters.
In contrast to large parts of the rest of the world, most stock exchanges in the Middle East are open on Sunday.
This is what it looks like on the exchanges in the Middle East at 10:00 a.m.:
The TA-35 index in Tel Aviv falls 6.63 percent The EGX 30 in Egypt falls 1.77 percent The Tadawul exchange in Saudi Arabia is down 1.03 percent The Main Market index in Kuwait falls 1.15 percent The Qatar All Shares index falls 0 .25 percent
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Hard battles
At least 300 Israelis have been killed and close to 1,600 injured after the militant Palestinian movement Hamas launched a surprise and large-scale attack on Israel on Saturday. This was announced by the health authorities in Israel late on Saturday evening, according to the AFP news agency.
Israel’s security cabinet has authorized military attacks against the leadership of Hamas, says Prime Minister Benjamin Netanyahu on Sunday night.
Hamas fired several thousand rockets at Israel on Saturday morning and has also sent ground forces across the border from the Gaza Strip. Israel has since attacked targets in the Gaza Strip from the air.
– The Israeli army is about to use all its power to destroy Hamas’ capacity, Netanyahu said in a short televised statement on Saturday evening.
A volatile week ahead
Bloomberg writes on Sunday morning that the attack on Israel is now sending shock waves through the financial markets in the Middle East.
– It has set the tone for what is likely to be a volatile week, they write.
2023-10-08 07:30:22
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