Saudi Stocks Defy Gulf Turmoil to Rise as Local Buyers Step In

As the Iran war erupted, Gulf stock markets looked certain to tumble once trading resumed. But Saudi equities have defied those expectations to rise despite the conflict, helped by support from local investors.

Riyadh’s Tadawul All Share Index is 1.7% higher than before the war started two weeks ago. By contrast, the Dubai Financial Market index has plunged by about 17%, as Iranian missiles and drones struck targets across the region and traffic through the Strait of Hormuz ground to a near halt.