The Houthis, who control the most populous parts of Yemen, have been attacking ships in and around the Red Sea, saying they are acting in solidarity with Palestinians in the Gaza war.
Saudi Arabia's benchmark index retreated 1.6%, dragged down by a 4.7% fall in Al Rajhi Bank and a 3.6% decline in the country's biggest lender Saudi National Bank. Among other losers, oil giant Saudi Aramco was down 2.2%. The kingdom is considering reviving plans for a follow-on share offering in Aramco to raise at least 40 billion riyals ($10.67 billion) as early as February, Bloomberg News reported on Wednesday, citing people familiar with the matter.
Saudi Arabia's government on Tuesday ordered Aramco to halt its oil expansion plan and to target a maximum sustained production capacity of 12 million barrels per day (bpd), 1 million bpd below a target announced in 2020.
In Abu Dhabi, the index eased 0.1%.
Dubai's main share index gave up early gains to finish flat.
The Qatari benchmark lost 0.2%, hit by a 1.2% retreat in the Gulf's biggest lender Qatar National Bank. Oil prices - a catalyst for the Gulf's financial markets - fell, pressured by lacklustre economic activity in leading crude importer China, but a first monthly gain since September remained in sight as flaring tensions in the Middle East heightened supply concerns.
Outside the Gulf, Egypt's blue-chip index slid 6.8%, retreating from record highs, as all its constituents were in negative territory, including Talaat Mostafa Holding , which was down 15.3%. The International Monetary Fund said on Wednesday it was continuing to engage with Egypt on the policy and financing package that could support moving forward with programme reviews under its $3 billion loan with the country.
The Qatari benchmark lost 0.2%, hit by a 1.2% retreat in the Gulf's biggest lender Qatar National Bank. Oil prices - a catalyst for the Gulf's financial markets - fell, pressured by lacklustre economic activity in leading crude importer China, but a first monthly gain since September remained in sight as flaring tensions in the Middle East heightened supply concerns.
Outside the Gulf, Egypt's blue-chip index slid 6.8%, retreating from record highs, as all its constituents were in negative territory, including Talaat Mostafa Holding , which was down 15.3%. The International Monetary Fund said on Wednesday it was continuing to engage with Egypt on the policy and financing package that could support moving forward with programme reviews under its $3 billion loan with the country.
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