Saudi leads loss in Gulf bourses after attack, oil may climb $5-$10/barrel

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Saudi leads loss in Gulf bourses after attack, oil may climb $5-$10/barrel

On Sunday, the 15th of September 2019, a basket of Gulf bourses faltered bearing the brunt of yesterday’s (September 14th) Iran-backed Yemeni Houthi attacks on two of Saudi Aramco oil facilities, which wiped out the heavily oil-dependent nation’s half of daily crude output capacity.

Apart from that, analysts were quoted saying following losses of Gulf burses that crude oil price could surge between $5 to $10 per barrel when market would open on Monday (September 16th), while crude oil price might even climb up to $100 per barrel if Saudi could not regain its full potentiality in a near-term outlook.

Nonetheless, at a choppy trading day in the Gulf, Saudi bourse wrapped up the day down by 1.1 per cent, extending its losses for the fourth straight session, while financials such as Al Rahji Bank alongside Saudi Basic Industries Corp (SABIC) were leading the losses with fall of 1.2 and 2.6 per cent respectively.

Elsewhere in the Gulf, echoing the leads of Saudi bourses, Abu Dhabi main index jolted 0.4 per cent, while Dubai ended the day down by 0.6 per cent. Meanwhile, Qatar and Egypt bourse, both posted a loss of 0.6 per cent, while Bahrain’s Key index fell by 0.7 per cent and Kuwaiti bourse had wrapped up the Sunday’s (September 15th) market down by 0.3 per cent.