Dubai Stocks Lead Mideast Rout as Coalition Bombs Yemeni Targets - Bloomberg Business

Dubai Stocks Lead Mideast Rout as Coalition Bombs Yemeni Targets - Bloomberg Business:



"Dubai stocks led regional equity markets lower after a Saudi-led coalition started air strikes against Yemen’s Shiite Houthi rebels.



The DFM General Index lost 3.7 percent at 12:19 p.m. local time to 3,306.82, the lowest since Dec. 18, bringing its two day losses to 5.7 percent. Saudi Arabia’s Tadawul All Share Index fell as much as 4.2 percent before trading 0.3 percent lower. The Bloomberg GCC 200 Index, a gauge of the Gulf Cooperation Council’s top 200 equities, fell to the weakest level since Jan. 13.



Saudi Arabia, the United Arab Emirates, Kuwait, Bahrain and Qatar said they responded to a request for help from Yemen’s President Abdurabuh Mansur Hadi, according to a statement carried by the official Saudi Press Agency. Egypt, Pakistan, Morocco and Jordan are also part of the operation, according to Al Arabiya TV, bringing the total number of aircraft involved to 185. The air strikes come after forces loyal to the rebel group marched on the southern port city of Aden, Hadi’s stronghold."



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