Saudi Stocks Fall 1.1% as Houthis Fire Missiles at Riyadh
Markets are closed for the weekend; Wall Street opens Monday at 9:30 a.m. ET (4:30 p.m. in Istanbul). The new development since Saturday's brief is the first reaction from Gulf bourses, which trade on Sunday.
The Houthis fired missiles and drones at Riyadh on Sunday morning. The Saudi-led coalition said it downed two drones and a ballistic missile aimed at Riyadh, 10 ballistic missiles fired south and a cruise missile aimed at Khamis Mushait. Riyadh airport resumed flights after a brief pause.
According to Reuters, Saudi Arabia's benchmark index fell 1.1% in early trade and Aramco dropped 1.2%. Qatar's index slipped 0.3%. The market read this not as a single attack but as Gulf supply risk spreading.
On Saturday, Iran's armed forces chief said US warships would not be allowed into the Persian Gulf. On Sunday, Iran's army said it shot down a US drone over Bandar Abbas; the claim has not been independently verified.
In Friday's (October 23) session, the Dow-tracking DIA fell 1.24%, the S&P 500-tracking SPY lost 0.52% and the Russell 2000 fund IWM dropped 0.33%. The Nasdaq 100-tracking closed flat; selling shifted from tech to the broader market.