Gulf bourses retreat as Saudi-Houthi tensions surge
KSA•Most Gulf stock markets closed lower as fighting between Yemen’s Houthis and Saudi-backed forces intensified. Saudi Arabia’s index fell 0.5%, Dubai’s dropped 0.2%, Abu Dhabi’s lost 0.3% and Qatar’s declined 0.5%.
1. Tensions intensify
Fighting between Yemen’s Iran-aligned Houthis and Saudi-backed government forces intensified on several fronts. The Houthis struck Aden International Airport with ballistic missiles and explosive drones, Yemen’s Transport Ministry said. Saudi Arabia’s aviation authority said attacks on airports in Jazan and Najran on Monday injured three people and caused limited damage.
2. Regional indexes fall
Saudi Arabia’s benchmark index slipped 0.5% to 10,542, weighed down by a 0.9% decline in Al Rajhi Bank. Dubai’s index fell 0.2% to 5,898, while Abu Dhabi’s lost 0.3% and Qatar’s declined 0.5%. Egypt’s index eased 0.1%; Oman’s gained 0.5% and Kuwait’s rose 0.2%. Tickmill’s Ranim Turfa said geopolitical developments and diplomatic signals continued to shape sentiment, while shipping disruptions in the Strait of Hormuz persisted.
