Persian Gulf stocks fell in reaction to assassination of General Soleimani

Persian Gulf stocks fell sharply in early trade on Sunday, led by Kuwaiti shares, on escalating tensions between the United States and Iran.

5 January 2020
ID : 22258
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Persian Gulf stocks fell sharply in early trade on Sunday, led by Kuwaiti shares, on escalating tensions between the United States and Iran.

A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia. Photo: Reuters

Persian Gulf countries’ stocks fell sharply in early trade on Sunday, led by Kuwaiti shares, on escalating tensions between the United States and Iran.

The Kuwaiti index, the best performer in the region in 2019, was down nearly 3.8% in early trade, Dubai stocks were down 1.8% and the Abu Dhabi index fell 1.1%.

The Saudi market plunged 2% at the market open, with shares of in oil giant Saudi Aramco down 0.7%.

General Soleimani, the head of IRGC's Quds Force, and Iraqi militia commander Abu Mahdi al-Muhandis were assassinated on Friday morning in the United States' airstrike on their convoy in Baghdad airport. 

The Pentagon said in a statement that the attack was carried out on the order of US President Donald Trump.

Oil prices jumped to $63.05 a barrel on Friday, their highest level in more than three months, after Soleimani’s assassination sparked fears that conflict in the region could disrupt global oil supplies.

The assassination is seen by Tehran as an act of war that risks regional conflagration.

 

 

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