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Gulf stocks down on rising regional tension

AFP  |  Dubai 

Stock markets in the energy-rich Gulf states dived on Monday as regional tensions soared after ships and were targeted by acts of "sabotage" off the UAE coast.

The Saudi bourse, the largest in the region, was down 2.7 percent after the kingdom's minister said two Saudi were damaged in a "attack" off the coast of Fujairah on the

The said on Sunday that four commercial vessels from various nationalities had been targeted by acts of just outside its territorial waters near Fujairah.

The attacks did not result in any casualties but they caused damage to the vessels. The UAE bourses of and dropped by 3.7 per cent and 2.5 per cent, respectively on Monday.

shares were down 2.1 per cent and Kuwait Bourse was 1.2 per cent lower while the small bourses of and were down 0.16 per cent and 0.6 per cent, respectively.

The incidents came amid rising tensions in a region already shaken by a standoff between the and

called for an investigation into the "alarming" attacks and warned of "adventurism" by foreign players to disrupt maritime security.

US meanwhile scrapped a planned visit to to head Brussels to discuss with European officials.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, May 13 2019. 15:50 IST