Mideast Stocks: Major Gulf bourses shrug off geopolitical tensions

Mideast Stocks: Major Gulf bourses shrug off geopolitical tensions

Most major stock markets in the Gulf reversed early losses to close higher on Thursday, shrugging off regional tensions, with the Qatar index leading the gains. Israeli jets struck what its military said were rocket launch sites in Lebanon early on Thursday in response to two rockets fired towards Israel from Lebanese territory, in an escalation of cross-border hostilities. Saudi Arabia's benchmark index rose 0.4%, with Dr Sulaiman Al-Habib Medical Services advancing 3.1% and climbing 4.2%. Tanmiah Food Company surged over 19%, a day after its stellar debut. Economies of the Gulf Cooperation Council (GCC) will likely grow at an aggregate 2.2% this year after a 4.8% contraction last year caused by the pandemic and lower oil prices, said on Wednesday. It remains vital for GCC countries - which include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates - to diversify their economies, the World Bank said, as oil revenues account for over 70% of total government revenues in most of them. The Qatari benchmark added 0.6%, led by a 0.6% increase in and a 1.2% rise in Commercial Bank. Among others, finished 0.3% higher. Post trading hours, the petrochemical maker reported a net profit of 909.4 million