Saudi and Egyptian Equities Plunge as Yemen Conflict Escalates After Riyadh Strikes
Saudi and Egyptian stock markets drop sharply as regional tensions surge following drone and missile attacks on Riyadh and southern regions. Read the latest.
POLICY WIRE — Riyadh, Saudi Arabia — Stock markets in Saudi Arabia and Egypt suffered sharp losses on Sunday as a major escalation in the conflict with Yemen’s Iran-aligned Houthis rattled regional financial sentiment.
The downturn followed announcements from the Saudi-led coalition reporting the successful interception of multiple drones and missiles targeting Riyadh and various southern territories.
Egypt’s benchmark EGX30 index tumbled 5.35 percent, prompting the Egyptian Exchange to temporarily halt trading for 30 minutes after the EGX100 index plummeted by 10 percent.
Meanwhile, Saudi Arabia’s Tadawul All Share Index slid 3.15 percent as traders rushed to reprice the kingdom’s direct exposure to widening hostilities that effectively shattered a truce held since 2022.
Energy giant Saudi Aramco experienced a 1.1 percent decline, though heavier losses heavily impacted the banking, industrial, and retail sectors as investors factored in the broader economic risks of a renewed regional war.
Geopolitical anxieties intensified further following an attack on Riyadh’s international airport that left at least 12 people dead and more than 300 others wounded, marking the deadliest assault inside the kingdom in over a decade.
In response to the mounting danger, Yemen’s Houthis issued an advisory on Sunday warning civilian airlines, travelers, and airport personnel to maintain a safe distance from all Saudi aviation facilities.
Reporting by Policy-Wire (PW)
