Gulf Markets Decline Amid Rate Hike Worries and Israel-Hamas Tensions
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Gulf stock markets fell amid concerns over potential further interest rate hikes by the U.S. Federal Reserve and worries about escalation in the Israel-Hamas conflict.
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Saudi Arabia's stock index dropped for a third day, with all sectors down. Elm Company and Al Rajhi Bank declined.
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Qatar's index fell for a fifth straight session, with losses in Industries Qatar and Qatar Navigation. Qatar National Bank also dropped.
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Egypt's index climbed, with Eastern Co and Talaat Mostafa Group surging.
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Concerns rose about the Israel-Hamas conflict spreading, as the U.S. sent more military assets to the region. Israel continued strikes on Gaza and also hit targets in Lebanon and Syria.