By Tugce Ozsoy Financial markets across the Middle East tumbled Monday, as concerns grew that Iran and regional militias are preparing an attack on Israel, potentially marking a fresh escalation in the regional conflict. Israel’s equity benchmark, the TA-35 Index, slid as much as 3.
Financial markets across the Middle East tumbled Monday, as concerns grew that Iran and regional militias are preparing an attack on Israel, potentially marking a fresh escalation in the regional conflict.
Markets elsewhere in the region also fell, with the Saudi Tadawul Index and Egypt’s Hermes benchmark shedding as much as 3.7 percent and 5.8 percent respectively. Turkey’s Borsa Istanbul 100 Index was the hardest hit, sliding more than 7% at one point. The losses were compounded by the ongoing global equity rout, sparked by signs the US economy is slowing more than expected.
Hasnain Malik, head of equity strategy research at Tellimer, downplayed the risk of a global or even region-wide impact, noting that major oil producing and tourism facilities in the Middle East are distant from the conflict zones of Israel and Lebanon.
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