Adedokun Waliyu 
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 US midterm elections, 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 US and Israeli interests in neighbouring countries.
Saudi Arabia’s benchmark index (.TASI), opens new tab slipped 0.8%, with nearly all constituents ending lower. Saudi Arabian Mining Co (1211.SE), opens new tab lost 2.6%, while Jabal Omar Development (4250.SE), opens new tab fell 7.3% after the real estate developer reported a third-quarter net loss of 261.61 million riyals ($69.76 million), compared with a net profit of 197.85 million riyals a year earlier.
IT solutions provider Elm Co(7203.SE), opens new tab, however, gained 9% after reporting a 39% rise in quarterly net profit.
Qatar’s benchmark index (.QSI), opens new tab rebounded from the previous session’s decline to rise 4.6%, marking its sharpest intraday percentage gain in more than eight years.
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.
S&P affirmed Qatar’s AA/A-1+ sovereign ratings with a stable outlook, citing the country’s substantial liquid, fiscal and external asset buffers amid regional security and trade-flow risks.
Qatar National Bank (QNBK.QA), opens new tab, the region’s largest lender, advanced 3%, while QatarEnergy-linked industrial conglomerate Industries Qatar (IQCD.QA), opens new tab jumped 7.9%.
Outside the Gulf, Egypt’s blue-chip index (.EGX30), opens new tab fell 1.7%, with nearly all stocks closing lower. Commercial International Bank (COMI.CA), opens new tab declined 2.1%, while Talaat Moustafa Group (TMGH.CA), opens new tab dropped 1.1%.
Egypt’s central bank raised its key interest rates by 100 basis points on Thursday, its first rate increase since March 2024.
