By Amr Fouad

Dubai-Mubasher: Saudi Tadawul and Abu Dhabi Securities Exchange managed to escape the wave of declines that hit most GCC stock markets Thursday, after news about the launch of an airstrike by Saudi Arabia and its GCC allies against Houthi rebels in Yemen.

The military action , called “Operation Decisive Storm” came in response to a call from Yemeni president Abdrabbuh Mansour Hadi.

Analysts told Mubasher that the military action would weigh on GCC markets while fueling oil prices.

Saudi Tadawul, the region’s biggest market in terms of turnover and volume, shut 0.40% or 35.37 points higher at 8903 points. Similarly, ADX rose 0.03% or 1.45 points to 4373.13 points.

Meanwhile, Amman bourse fell 0.38% or more than eight points to close at 2143.13 points. Bahrain Bourse benchmark index lost 0.71% or 10.36 points to close at 1444.51 points.

Dubai Financial Market dropped by 0.8% or 27.4 points to 3407.25 points, while Qatar Exchange index lost 0.81% to end at 11410.76 points; its lowest level since 17 December, 2014.

Egypt’s benchmark EGX30 slipped 1.59% or 150 points to 9052.5 points, while Kuwaiti’s Price Index continued its fall to the fourth successive day with a decline by 2.42% or 154.03 points to 6222.46 points.

Translated by Sayed Abdel Rahman