Middle East stocks fall as Palestinian Resistance launches operation

By Al Mayadeen English
Source: Bloomberg
8 Oct 2023 12:31
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The events in Palestine have caused shockwaves across the region, affecting market prices.

An Israeli digger removes rubble from "Sderot", Oct.8, 2023 (AP)

Following Operation Al-Aqsa Flood, which was launched by Palestine’s Hamas Resistance movement against “Israel” in response to the repeated Israeli desecration of al-Aqsa Mosque, markets in the Middle East witnessed a decline in stocks and may see price volatility in the coming week.

This comes as the Israeli occupation forces conducted extensive air raids on the Gaza Strip amid retaliation from the Palestinian Resistance. The shelling from the Palestinian side comes as part of Operation Al-Aqsa Flood and the Israeli occupation's indiscriminate bombardment of residential buildings.

The Israeli occupation's indiscriminate shelling has led to numerous civilian casualties, with reports revealing that nearly 313 Palestinians, including 20 children, were killed in the Israeli aggression. 1,990 Palestinians were also reportedly wounded, according to a statement from the Gaza Health Ministry.

The region’s most important equities gauges fell on Sunday following the 4.9% in “Israel’s” benchmark TA-35 stock index, which saw its biggest decline in more than three years, Bloomberg reported. Saudi Arabia’s Tadawul All Share Index also fell 1%, and Kuwaiti, Qatari, Omani, and Bahraini stocks saw a decline in value.

Egypt’s EGX30 gauge fell by almost 2%.

According to Hasnain Malik, a strategist at Tellimer, which provides research and data on emerging markets to investors, “Divisions in Israel’s politics and security structure will be papered over while the military response in Gaza is ongoing, but they are not going away.” Malik also said the occupation’s military response and Israeli politics “will remain a vulnerability for all Israeli asset prices.”