Gulf markets see declines amid regional tensions

Gulf stock exchanges saw declines in morning trading on Sunday, driven by investor concerns over the repercussions of regional escalation and tensions, as well as continued pressure on oil supplies.

This followed an attempt by the Houthi militia to target the city of Riyadh in the Kingdom of Saudi Arabia with a ballistic missile, and its attempts to target civilians and civilian infrastructure in the cities of Bish, Taif, Farasan, and Yanbu.

In morning trading, the Saudi market index, TASI, fell by approximately 0.55% to 10,719 points, with most energy stocks declining. The Qatar Stock Exchange index dropped 0.15% to 9,548 points, while the Kuwait Stock Exchange index fell by about 0.38% to 8,879 points. The Bahrain index declined by roughly 0.17% to 1,920 points, and the Muscat index decreased by 0.03% to 7,589 points.

Meanwhile, the Kuwaiti Ministry of Foreign Affairs expressed Kuwait’s strong condemnation and denunciation of the Houthi militia’s attempt to target Riyadh, affirming that these hostile attacks constitute a blatant violation of the Kingdom’s sovereignty and a flagrant breach of international law and international humanitarian law.

Kuwait reaffirmed its absolute solidarity with Saudi Arabia, its steadfast support alongside the Kingdom, and its backing of all measures taken to safeguard its sovereignty, security, and the protection of its citizens and residents on its territory. It emphasized that the security of Saudi Arabia is an integral part of Kuwait’s security and the security of the Gulf Cooperation Council (GCC) countries.