KUWAIT CITY, Oct 3: Gulf stock markets experienced significant declines yesterday, with traders reacting to escalating geopolitical tensions in the Middle East following Iran’s largest military strike against Israel. The total market value of Gulf stock exchanges plummeted by 31.2 billion dinars, reports Al-Seyassah daily.

The Saudi market index closed down 1.7 percent, settling at 12,044 points after a loss of 209 points, with trading volumes reaching 8.1 billion riyals. In the UAE, the Dubai market’s main index fell by 1.1 percent to 4,427.83 points, while the Abu Dhabi index decreased by 1.078 percent to 9,304.83 points. Other markets were similarly affected: Qatar’s main index dropped by 0.60 percent to 10,566.43 points, Bahrain’s index fell slightly by 0.01 percent to 2,008.30 points, and the Muscat market index declined by 0.40 percent to 4,677.54 points. Conversely, the Oman Stock Exchange index managed a slight gain of 0.08 percent. The negative sentiment among traders underscores the impact of geopolitical instability on market performance in the Gulf region.