Mideast Stocks: Dubai sees biggest fall in over a month after Houthi attack intercepted

Sa Sa International Holdings

24/01/2022 13:27

By Ateeq Shariff
    Jan 24 (Reuters) - Most stock markets in the Gulf ended
lower on Monday, in line with global shares, while the Dubai
index saw its biggest fall in over a month as the United Arab
Emirates intercepted another attack by the Houthis.
    Dubai's main share index  .DFMGI  declined 2%, dragged down
by a 3.5% drop in blue-chip developer Emaar Properties  EMAR.DU 
and a 1.9% fall in top lender Emirates NBD  ENBD.DU .
    The United Arab Emirates (UAE) on Monday said it had foiled
another Houthi missile attack following last week's deadly
assault on the Gulf state as the Iran-aligned group takes aim at
the safe haven status of the region's tourism and commercial
hub.  urn:newsml:reuters.com:*:nL1N2U403D
    Yemen's Houthis, battling a Saudi-led coalition that
includes the UAE, have said they aim to make Abu Dhabi pay a
high price for backing militias that are blocking Houthi
attempts to capture prized oil regions.
    The Abu Dhabi index  .ADI  eased 0.1%, with conglomerate
International Holding  IHC.AD  losing 0.6%.
    "Global markets are set to remain sensitive to fresh policy
clues out of the Federal Reserve this week. Since the start of
the new year, risk assets have been realigning with the more
aggressive Fed rate hikes expected for 2022," said Han Tan,
chief market analyst at Exinity Group.
    Saudi Arabia's benchmark index  .TASI  fell 0.6%, hit by a
1.3% fall in Al Rajhi Bank  1120.SE  and a 2.5% decline in Saudi
National Bank  1180.SE .
    The Saudi market continued its correction, after hitting its
highest in over 15 years earlier this month, as investors try to
secure their gains, said Wael Makarem, senior market strategist
at Exness.
    The Saudi-led coalition fighting in Yemen said two
foreigners sustained minor injuries when a ballistic missile
fired by the Houthis fell in the south of Saudi Arabia.
 urn:newsml:reuters.com:*:nL1N2U30IY
    In Qatar, the index  .QSI  added 0.3%, helped by a 4.4% gain
in Commercial Bank  COMB.QA .
    Crude prices, a key catalyst for the Gulf's financial
markets, rose on elevated geopolitical risks in Europe and
Middle East.  O/R 
    Outside the Gulf, Egypt's blue-chip index  .EGX30  decreased
0.3%, with Commercial International Bank  COMI.CA  losing 0.4%.
      
 SAUDI ARABIA   .TASI  lost 0.6% to 12,068
 ABU DHABI      .FTFADGI  down 0.1% to 8,701
 DUBAI          .DFMGI  dropped 2% to 3,147
 QATAR          .QSI  gained 0.3% to 12,523
 EGYPT          .EGX30  fell 0.3% to 11,616
 BAHRAIN        .BAX  eased 0.3% to 1,810
 OMAN           .MSX30  lost 0.5% to 4,202
 KUWAIT         .BKP  declined 0.2% to 8,000
 
 (Reporting by Ateeq Shariff in Bengaluru
Additional reporting by Doyinsola Oladipo
Editing by Mark Potter)
 ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))