Most Gulf markets gain as UAE shrugs off Abu Dhabi attack
Jan 18 (Reuters) – Most major stock markets in the Gulf rose in early trade on Tuesday, with the United Arab Emirates market changing its course after opening in the red a day after an attack on Abu Dhabi.
Yemen’s Iran-aligned Houthi group attacked the UAE on Monday in what it said was an operation using missiles and drones, setting off explosions in fuel trucks that killed three people and causing a fire near the airport of Abu Dhabi, capital of the region’s commercial and tourism hub. read more
The UAE, a member of the coalition, has armed and trained local Yemeni forces that recently joined fighting against the Houthis in Yemen’s energy-producing Shabwa and Marib regions.
The Abu Dhabi index (.FTFADGI) added 0.2%, reversing early losses of 0.1%.
Budget airliner Air Arabia (AIRA.DU) was flat, after falling as much as 2.1%.
UAE oil firm ADNOC said it had activated business continuity plans to ensure uninterrupted supply of products to its local and international customers after the incident at its Mussafah fuel depot. read more
Aldrees Petroleum and Transport Services Company (4200.SE) advanced 2.5% after reporting a sharp rise in quarterly profit. The petroleum and commodity transporter also proposed an annual dividend of 1.5 riyals per share.
Crude prices, a key catalyst for the Gulf’s financial markets, rose more than $1 to a more than seven-year high on worries about the attack.
This article was originally published by Reuters.