Israeli, Saudi Stocks Fall As Middle East Conflict Worsens
The Tel Aviv Stock Exchange 35 Index fell 1.5% at the open on Sunday, extending last week’s 1.5% decline.
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Israeli stocks dropped on their first day of trading after Prime Minister Benjamin Netanyahu’s government began airstrikes against Iran. Saudi Arabia’s equity benchmark slid as concerns of a wider conflict gripped the region.
The Tel Aviv Stock Exchange 35 Index fell 1.5% at the open on Sunday, extending last week’s 1.5% decline. The Tadawul All Share Index slid 2.5%. Egypt’s EGX 30 Index sank 7.7%, the most in more than a year on a closing basis. The markets were closed on Friday.
The latest selloff came as Israel and Iran continued to attack each other’s territories for a third day. On Friday, when the hostilities erupted, the shekel tumbled the most in 11 months, while oil prices surged 7%. The worsening conflict also sent shock waves across financial markets, fueling a rush into traditional havens such as gold and dollar.