Stocks across most Arab markets advanced on Sunday as the risk of a military showdown between the U.S. and Russia in Syria that would roil the region faded.
Dubai’s main equity gauge climbed the most since July, and 99 percent of companies in Saudi Arabia’s Tadawul index rose. Stocks in Abu Dhabi gained as much as 1.3 percent, sending the benchmark index to the highest level on a closing basis since August 2015.
The U.S., U.K. and France attacked targeting military positions and research facilities linked to chemical weapons in Syria over the weekend. While Russia, Iran and Lebanon’s Hezbollah group rallied around Syrian President Bashar Al-Assad’s regime, they didn’t threaten any retaliation. Saudi Arabia said it would take part in the U.S. coalition if asked.
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Investors have had two days to reflect on the strike, so the operation isn’t a factor that would prompt traders to sell anymore, said Mohammed Ali Yasin, the chief executive officer of FAB Securities in Abu Dhabi. What they’re focused on is company results, he said.
Saudi Arabia’s stocks on Wednesday fell the most since October after U.S. President Donald Trump’s comments on Twitter suggested that strikes against Syria were imminent. On Sunday, Tadawul All Share Index climbed 1.7 percent as of 12:17 p.m. in Riyadh, the most in a month. Only one of the gauge’s 182 members fell.
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Dubai’s DFM General Index added 1.5 percent, led by Dubai Islamic Bank’s 2.7 percent advance. Abu Dhabi’s ADX General Index rose 1.1 percent. Stocks in Egypt and Bahrain increased between 0.1 percent and 0.3 percent, while Qatar’s gauge lost less than 0.1 percent.
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