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

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 slipped 0.4%, weighed down by a 1.4% drop in petrochemical maker Industries Qatar.

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 edged up 0.1%, helped by a 1.4% gain in top lender Emirates NBD, while the Abu Dhabi index rose 0.3%.‑Reuters