Most Gulf stock markets closed lower on Tuesday after Yemen’s Houthis claimed attacks on Saudi energy, airport and military targets on Monday, while Egypt’s index bucked the trend after parliament delayed a vote on authorising military support for Riyadh.
The group said it hit an Aramco site in Yanbu, the Shaybah oilfield, and the Riyadh and Abha airports.
Saudi authorities did not immediately confirm the claims and Reuters could not independently verify them.
Saudi air travel is already under severe strain with more than 45% of departures from the kingdom’s airports cancelled since October 8, according to aviation analytics firm Cirium.
Saudi Arabia’s benchmark index dropped 1.7%, dragged down by a 4.7% slide in Saudi Arabian Mining Company and a 1.2% decrease in oil giant Saudi Aramco.
Saudi Arabia, rocked by deadly attacks in recent weeks as the Middle East conflict widens, postponed its flagship investment conference on Monday until next year, organizers said.
Separately, a Houthi attack on a training camp for government security forces in Yemen’s Shabwa province killed 58 people and injured more than 200 on Monday.
In Qatar, the index dipped 0.4% to 8,598, its lowest level in over six years, with Qatar National Bank — the Gulf’s biggest lender — retreating 0.7%.
GCC stocks came under pressure as traders kept a cautious eye on geopolitical developments. The absence of diplomatic progress is fueling doubts over any quick de-escalation or improvement in regional security, and the uncertainty could keep risk appetite subdued in the near term, said Ranim Turfa, head of research & market analysis MENA at Tickmill.
“At the same time, economic resilience and robust business activity could limit the declines in some markets.”
Meanwhile, Brent crude futures rose to $111.75 a barrel, the highest since May, and as of 1120 GMT were trading at $111.20, up $1.65 or 1.5%.
Dubai’s main share index eased 0.3%, with sharia-compliant lender Dubai Islamic Bank losing 0.7%.
The Abu Dhabi index , however, bucked the trend to close 0.5% higher.
Outside the Gulf, Egypt’s blue-chip index advanced 1.9%, as most of its constituents were in positive territory including Talaat Moustafa Group Holding , which was up 4.2%.
Egypt’s parliament has delayed until October 26 a vote on allowing the armed forces to back Saudi Arabia if asked, prolonging debate over a deeper role in the conflict with Yemen’s Houthis.
| Saudi Arabia | dropped 1.7% to 9,952 |
|---|---|
| Abu Dhabi | gained 0.5% to 9,829 |
| Dubai | lost 0.3% to 5,835 |
| Qatar | declined 0.4% to 8,598 |
| Egypt | advanced 1.9% to 52,089 |
| Bahrain | eased 0.2% to 1,860 |
| Oman | retreated 1.1% to 7,552 |
| Kuwait | was down 0.2% to 8,826 |