Gulf bank stocks slip on Iran risk; Al Rajhi, Qatar Islamic fall as Egypt rallies on rate cut
Gulf markets with heavy banking exposure finished in the red Sunday, investors pulling back amid renewed U.S.-Iran tension fears. Saudi Arabia’s main index edged down 0.2%, pressured by a 0.5% slide in Al Rajhi Bank. Over in Qatar, a 1.1% drop in Qatar Islamic Bank helped push the index 0.4% lower. “Currently dominate the landscape,” is how XS.com’s Samer Hasn summed up the mood around conflict risks. Egypt moved the other way: the EGX30 soared 3.6% to a record after a 100 basis-point interest rate cut.
