Elm company

Oct 23, 2023

Reuters Images/Ahmed Yosri Saudi Arabia's benchmark index declined 1.9%, dragged down by a 4.5% fall in Elm Company and a 0.3% decrease in oil giant Saudi Aramco Ateeq Shariff, Reuters News PHOTO Most stock markets in the Gulf ended lower on Monday, with the Dubai index falling for an eighth straight session as the widening conflict in the Middle East hurt sentiments. Israel bombarded Gaza with more air strikes on Monday as its soldiers fought Hamas militants on the ground in raids within the besieged Palestinian enclave. At least 5,087 Palestinians have been killed in two weeks of Israeli strikes, including 2,055 children, the enclave's health ministry said in an update. Saudi Arabia's benchmark index declined 1.9%, dragged down by a 4.5% fall in Elm Company and a 0.3% decrease in oil giant Saudi Aramco. Separately, the kingdom said on Monday it was launching an annual Esports World Cup, which will include the most popular games in the world and have the largest prize pool in esports history. Dubai's main share index gave up early gains to finish 0.6% lower, falling for an eighth session, with top lender Emirates NBD losing 2.1%. In Abu Dhabi, the index lost 0.3%. The Abu Dhabi bourse remained near last week’s low and could continue to see selling pressures as geopolitical concerns remain while the volatility in oil prices adds to the uncertainty, said George Khoury, Global Head of Education and Research at CFI. Oil prices - a catalyst for the Gulf's financial markets - slipped as investors continued to focus on the situation in the Middle East, where diplomatic efforts are intensifying in an attempt to contain the military clashes between Israel and the Palestinian Islamist group Hamas. Outside the Gulf, Egypt's blue-chip index advanced 2%, hitting all-time high, with Misr Fertilizers Production Co jumping 20%. SAUDI ARABIA fell 1.9% to 10,293 ABU DHABI lost 0.3% to 9,276 DUBAI down 0.6% to 3,730 QATAR closed flat at 9,720 EGYPT gained 2% to 22,572 BAHRAIN eased 0.4% to 1,937 OMAN was flat at 4,642 KUWAIT declined 0.6% to 7,292 (Reporting by Ateeq Shariff in Bengaluru; Editing by Pooja Desai) Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here . DISCOVER MORE