By Majid Al-Shabib

Riyadh-Mubasher: Most GGC stock markets plunged on Thursday, hurt by the news that Saudi Arabia launched an airstrike against Iran-backed rebels in Yemen.

Saudi Arabia and its GCC allies, along with support from the US, have announced participation in military action against Houthi rebels, who have taken large parts of the country and forced the embattled president, Abd-Rabbu Mansour Hadi, to flee to the southern city of Aden.

Declining markets were led by Muscat and Kuwait, down 2.58% (161.67 points) and 2.24% (154.03 points) respectively.

Meanwhile, the UAE twin markets showed mixed performance, as the DFM inched lower by 0.80% to 3,407.25 points, while the ADX shut in the green with a gain of 1.45 points to 4,373.13 points.

The Saudi Tadawul has lost 1.45% or 128 points thus far, while traded value neared SAR 7 billion.

Translated by Sayed Abdel Rahman