Middle Eastern markets remain calm as trading begins after Israel's ground invasion of Gaza. Stock indexes in Tel Aviv, Riyadh, and Cairo show mixed movements. Investors are monitoring the conflict for potential expansion and its impact on global financial markets.
-- Middle Eastern markets that opened on Sunday showed little sign of panic as trading began a day after Israel started its ground invasion of Gaza.Israel’s TA-35 stock index rose 1.6% as of 12:10 p.m. in Tel Aviv, headed for its first gain in three trading days. The index is down nearly 11% since Israel declared war after a Hamas infiltration on Oct. 7. Moves on other major equity exchanges in the region were mostly subdued, with the Tadawul All Share Index in Riyadh falling as much as 0.
“The chance that the fighting between Israel and Hamas will escalate into a wider Middle Eastern war remains small,” the analysts wrote. “All the other players in the region have clear incentives to avoid a broader conflict. This includes Hezbollah, which although it has fired missiles into Israeli-controlled territory, has by and large so far followed established, if informal, rules of engagement aimed at limiting bloodshed.”The country’s currency, the shekel, won’t trade again until Monday.
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