MIDEAST STOCKS — Gulf markets mixed; Saudi stocks hardest hit on Aramco attack
(Updates to closing prices, analyst comment) By Ateeq Shariff Oct 14 (Reuters) — Gulf stock markets closed mixed on Wednesday, with Saudi shares leading losses after an attack on Saudi Aramco headquarters deepened fears of an escalating conflict between the kingdom and Yemen's Houthis. Houthis vowed on Wednesday to continue targeting Saudi airports and oil facilities, a day after a strike that sources said heavily damaged the headquarters of oil giant Saudi Aramco. Saudi Arabia's benchmark index fell 1.7%, weighed down by 2% declines in both Saudi National Bank, the country's largest lender by assets, and Al Rajhi Bank. Aramco shares down 1.6%. The kingdom's Energy Ministry said an administrative building belonging to the state oil company in the eastern city of Dhahran was hit, causing a limited fire, as fighting between the kingdom and the Iran-allied group intensified. Over the past week, the Houthis have fired a barrage of ballistic missiles and drones at Saudi Arabia in retaliation for Riyadh's support of Yemeni government forces. The capital's international airport has been hit four times, including a strike on Saturday that killed 13 people. In the latest incident, debris fr
(Updates to closing prices, analyst comment) By Ateeq Shariff Oct 14 (Reuters) — Gulf stock markets closed mixed on Wednesday, with Saudi shares leading losses after an attack on Saudi Aramco headquarters deepened fears of an escalating conflict between the kingdom and Yemen's Houthis. Houthis vowed on Wednesday to continue targeting Saudi airports and oil facilities, a day after a strike that sources said heavily damaged the headquarters of oil giant Saudi Aramco. 7%, weighed down by 2% declines in both Saudi National Bank, the country's largest lender by assets, and Al Rajhi Bank. 6%.
The kingdom's Energy Ministry said an administrative building belonging to the state oil company in the eastern city of Dhahran was hit, causing a limited fire, as fighting between the kingdom and the Iran-allied group intensified. Over the past week, the Houthis have fired a barrage of ballistic missiles and drones at Saudi Arabia in retaliation for Riyadh's support of Yemeni government forces. The capital's international airport has been hit four times, including a strike on Saturday that killed 13 people. In the latest incident, debris from two intercepted missiles fell on Riyadh, injuring four people and causing limited damage to 15 homes.
The state news agency SPA reported this on Wednesday, citing the Civil Defense spokesperson. 7%, weighed down by a 2% drop in petrochemical maker Industries Qatar. Geopolitical developments in the region remained in focus. Continued disruptions in the Strait of Hormuz kept investors cautious, while hopes for progress in talks lent some stability to markets.
The spotlight is now on firm de-escalation timelines to further ease tensions, said Mahmoud Mashal, Senior Market Analyst, VT Markets Dubai. Regional tensions rose further as two senior Iranian officials told Reuters that Tehran is using new tactics to target ships sailing through the Strait of Hormuz. They said the aim is to keep oil prices high and influence the US midterm elections. The UAE went the other way.
4%. 4%, snapping a six-session losing streak. com; +918061822788)