UAE Shares Fall after Yemeni Strike

Most major stock markets in the Gulf fell in early trade on Monday, with the Dubai index falling the most as Yemeni Armed Forces hit UAE and Saudi Arabia.

Dubai’s main share index (DFMGI) dropped as much as 1.4%, with most of the stocks in negative territory, including blue-chip developer Emaar Properties (EMAR.DU), which was down 1.7%.

Yemeni Armed Forces announced on Monday they have carried out a wide-scale operation with drones and ballistic missiles striking deep in the UAE and Saudi Arabia.

Monday’s attack was the second on UAE soil since last week’s strike that hit a fuel depot in Abu Dhabi, killing three people, and causing a fire near its international airport.

The Abu Dhabi index (.FTFADGI) fell 0.7%, with the country’s largest lender First Abu Dhabi Bank (FAB.AD) losing more than 1%.

“I doubt (the attacks) will impact markets … don’t think this attack will make much difference,” said Khaled Majeed, fund manager at SAM Capital in London. “The targets were not aimed at very critical infrastructure.”

Saudi Arabia’s benchmark index (.TASI) edged up 0.2%, a day after it snapped a 10-day winning streak, helped by a 0.1% rise in Al Rajhi Bank (1120.SE).

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In Qatar, the index (.QSI) eased 0.1%, hurt by a 0.5% fall in Qatar Islamic Bank (QISB.QA).

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