Gulf bourses subdued as Saudi-Houthi hostilities escalate
KSA•Major Gulf stock markets were subdued in early trade as fighting intensified between Yemen’s Houthis and Saudi-backed government forces. Saudi Arabia’s index fell 0.2%, Dubai’s rose 0.1%, and Abu Dhabi’s and Qatar’s each slipped 0.1%.
1. Gulf markets mixed
Major Gulf stock markets were subdued in early trade on Wednesday as fighting intensified on several fronts between Yemen’s Iran-aligned Houthis and Saudi-backed government forces. Saudi Arabia’s benchmark index slipped 0.2%, weighed down by a 0.6% fall in Al Rajhi Bank; Dubai’s main index edged up 0.1%, while Abu Dhabi’s and Qatar’s indexes each eased 0.1%.
2. Hostilities intensify
Saudi-backed Yemeni government forces are pushing an offensive to retake ground lost during weeks of Houthi advances, backed by stepped-up Saudi air strikes. Saudi Arabia’s aviation authority said two attacks on Monday evening targeted airports in Jazan and Najran, injuring three people and causing limited damage. The Saudi-led coalition said it intercepted and destroyed a Houthi ballistic missile fired toward Khamis Mushait.
