- Houthi attacks on Saudi Red Sea oil installations and subsequent military strikes led to most Gulf stock markets closing lower on Sunday.
- Saudi Arabia's benchmark index fell 0.3%, dragged by a 4% drop in Banque Saudi Fransi and a 0.9% decline in oil major Saudi Aramco.
- Other Gulf markets also declined: Qatar down 0.3%, Egypt dropped 1%, while Oman and Kuwait posted gains of 0.7% and 0.6% respectively.
Most Gulf stock markets experienced declines on Sunday, following recent Houthi attacks on Saudi oil installations at two Red Sea ports. The escalation of conflict has raised concerns among investors, leading to a cautious trading environment.1
Saudi Arabia's benchmark index fell 0.3% to 10,767, primarily impacted by a 4% drop in Banque Saudi Fransi, which traded ex-dividend. Additionally, oil giant Saudi Aramco saw a 0.9% retreat in its stock price.234
Other Gulf markets mirrored this trend, with Qatar losing 0.3% to 10,004 and Egypt declining 1% to 53,418. Bahrain experienced a slight decrease of 0.1% to 1,966, while Oman managed a modest gain of 0.7% to 7,165. Kuwait also saw a slight increase of 0.6% to 9,124.
The ongoing conflict, marked by the Houthis' attacks and subsequent Saudi airstrikes, has extended the war in the Gulf to a second front, further complicating the regional economic landscape.
“Saudi Arabia's benchmark index fell 0.3%, dragged by a 4% decline in Banque Saudi Fransi and a 0.9% drop in Saudi Aramco. Other Gulf markets were mixed: Qatar and Egypt also fell, while Oman and Kuwait posted gains of 0.7% and 0.6%, respectively.”
