Saudi bourse leads losses in Gulf as Iran-backed Houthi tension pours scorn


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Saudi bourse leads losses in Gulf as Iran-backed Houthi tension pours scorn

On Sunday, the 23rd of June 2019, a gauge of Gulf stock indices had wrapped up the day lower, while Saudi bourses had been leading the losses, as geopolitical hobbles and Tehran-Washington tension were keeping large buyers at bay.

Besides, escalation of political tension over the Gulf turned up the heat after Iran-backed Yemeni Houthis had launched drone attacks on Saudi oil entities close to borders and US President Donald Trump had announced new sanctions on Iran.

Nonetheless, despite Iran sanction, Tehran appeared to be selling its oil in some Asian countries including India and China through Russian state-controlled oil giant, Rosneft and expressed intent last week to enhance its nuclear ores, which had led to worries in Gulf, in particular over the Iran rivals including Saudi and UAE.

Amid new US sanctions on Iran from Monday (June 24th) following downing of an unmanned US drones over the Iranian airspace, which US claimed to happen at an international airspace, Saudi bourse alongside Qatar and Abu Dhabi posted heavy losses, while Saudi shed 1.5 percent, Qatar lost 1.3 percent and Abu Dhabi fell by 1.1 percent.

Elsewhere in Gulf, Dubai fell 0.7 percent, Kuwait was down by 0.4 percent and the benchmark Egypt index had soured 0.2 percent at Sunday’s (June 23rd) market wind down.