Gulf Bourses Close Lower on Sunday as Hormuz Disruption and Houthi Strikes Rattle Traders

Reuters reported on November 15 that most Gulf bourses closed lower on Sunday, with traders weighing disruption in the Strait of Hormuz alongside attacks on Saudi Arabia by the Iran-aligned Houthis. Iranian state media reported that the Iranian navy had confirmed a Saturday mine strike in the strait set three oil tankers ablaze.

Saudi Arabia's benchmark index dropped 0.7 percent to 10,258, with Saudi National Bank, the country's biggest lender by assets, losing 2.3 percent. Qatar's index retreated 1.8 percent to 9,848, with all constituents in negative territory, including Qatar National Bank, down 2.3 percent. Outside the Gulf, Egypt's blue-chip index added 0.3 percent to 52,187; Bahrain fell 0.4 percent, Oman eased 0.1 percent and Kuwait was down 0.3 percent.

The Saudi-led coalition said on Sunday it had downed two ballistic missiles fired at the capital, Riyadh, along with three drones over the kingdom's oil-rich Eastern Province. Houthi strikes on Saudi airports, seaports and energy installations have intensified, and Riyadh has responded by expanding its air campaign against Houthi targets in Yemen.

Qatar's LNG exports took a heavy hit when an Iranian attack in March forced Qatar to declare force majeure on deliveries. A long-standing Gulf LNG contract has now been cancelled on that basis, a first since the conflict began, and analysts say Poland's Orlen could save up to $2 billion. Turkey and Qatar sealed a mutual defence pact on Friday, pledging a united front against any foreign armed attack on either country.

(Source: Reuters)

Source: Reuters

Published by GSM · USA (original Chinese edition)

Photo: 图：沙特阿拉伯利雅得天际线与阿卜杜拉国王金融区（资料图）。照片：B.alotaby 摄，CC BY-SA 4.0，经 Wikimedia Commons，本图已预裁为 16:9。 / Photo: The Riyadh skyline and King Abdullah Financial District, Saudi Arabia (file photo). Photo by B.alotaby, CC BY-SA 4.0, via Wikimedia Commons; pre-cropped to 16:9.

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