Most Gulf Markets Fall in Early Trade after Yemen’s Retaliatory Operation

By Al Ahed Staff, Agencies

Most major indexes in the Gulf fell in early trade on Monday, with the Dubai index declining the most after the Yemeni resistance launched yet another successful retaliatory operation against one of the main partners of the seven-year-long war on Yemen.

Dubai's main share index [.DFMGI] fell as much as 1.2%, with most of the stocks in negative territory, with the country's top lender Emirates NBD Bank [ENBD.DU] dropping 4% and blue-chip developer Emaar Properties [EMAR.DU] losing 0.4%.

The Abu Dhabi index [.FTFADGI] eased 0.2%, snapping its four consecutive session of winning streak, led by a 0.2% decrease in heavyweight First Abu Dhabi Bank [FAB.AD].

In Qatar, the benchmark index [.QSI] was down 0.1% as it extended the loss from the previous session, pressured by financial stocks, with Commercial Bank [COMB.QA] declining 2.9% and Qatar Islamic Bank decreasing 0.9%.

After operations “Hurricane Yemen 1” and “Hurricane Yemen 2” targeting the UAE depth, Yemeni Armed Forces Spokesman Brigadier General Yehya Saree unveiled on Monday the details of the Yemeni resistance’s latest retaliatory operation dubbed “Hurricane Yemen 3.”

Saudi Arabia and several of its allies have been attacking the Arab world’s already poorest nation since March 2015 in an unsuccessful bid to change its ruling structure in favor of its former Riyadh-aligned officials.

The war has killed tens of thousands of Yemenis and turned the entire Yemen into the scene of the world's worst humanitarian crisis.

The Yemeni forces that feature the Yemeni army and its allied fighters from the Popular Committees have, however, vowed not to lay down their arms until the country's complete liberation from the scourge of the invasion.