#UAE shares fall after Houthi attack intercepted | Reuters

UAE shares fall after Houthi attack intercepted | Reuters

Most major stock markets in the Gulf fell in early trade on Monday, with the Dubai index falling the most as the United Arab Emirates intercepted another attack by the Houthis.

Dubai's main share index (.DFMGI) dropped as much as 1.4%, with most of the stocks in negative territory, including blue-chip developer Emaar Properties (EMAR.DU), which was down 1.7%.

The United Arab Emirates intercepted and destroyed two Houthi ballistic missiles targeting the Gulf country on Monday with no casualties, its defence ministry said. read more

Monday's attack was the second on UAE soil since last week's strike that hit a fuel depot in Abu Dhabi, killing three people, and causing a fire near its international airport. read more

The Abu Dhabi index (.FTFADGI) fell 0.7%, with the country's largest lender First Abu Dhabi Bank (FAB.AD) losing more than 1%.

"I doubt (the attacks) will impact markets ... don't think this attack will make much difference," said Khaled Majeed, fund manager at SAM Capital in London. "The targets were not aimed at very critical infrastructure."

Saudi Arabia's benchmark index (.TASI) edged up 0.2%, a day after it snapped a 10-day winning streak, helped by a 0.1% rise in Al Rajhi Bank (1120.SE).

SABIC Agri-Nutrients (2020.SE) added 0.5% after the fertiliser maker signed an agreement to acquire a 49% stake in ETG Inputs Holdco Ltd. read more

In Qatar, the index (.QSI) eased 0.1%, hurt by a 0.5% fall in Qatar Islamic Bank (QISB.QA).