MIDEAST STOCKS-Saudi stocks slip after attack on Aramco building; Gulf markets mixed

By Reuters News

- Major Gulf stock markets were mixed in early trade on Wednesday, with Saudi shares falling after an attack on a Saudi Aramco site heightened concerns over the escalating conflict between the kingdom and Yemen's Houthis.

Saudi Arabia's benchmark index fell 0.7%, dragged down by a 1.3% drop in Saudi National Bank, the country's biggest lender by assets. Aramco shed 0.5%.

The 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.

Elsewhere, Qatar's index .QSI slipped 0.4%, weighed down by a 1.4% drop in petrochemical maker Industries Qatar IQCD.QA.

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. Dubai's main share index .DFMGI edged up 0.1%, helped by a 1.4% gain in top lender Emirates NBD ENBD.DU, while the Abu Dhabi index .FTFADGI rose 0.3%.

Capital Com is an execution-only service provider. The present material must be regarded as marketing communication and should not be interpreted as investment research or investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page, then you do so entirely at your own risk