The Saudi market opens with significant losses, with repercussions of the navigation ban among the most prominent reasons

The Saudi market opened sharply lower on Monday amid the continued navigation ban in the Red Sea.

Exclusive – Al-Khabar Al-Yemeni:

Market indicators in today’s trading showed a significant decline in stock prices.

Shipping, basic materials, and oil companies recorded a significant decline in today’s trading, for the second consecutive day.

The decline in some stocks reached about 1%, after having closed Sunday at 0.3%.

These developments come amid escalating tensions in the Red Sea due to Yemen’s decision to ban Saudi navigation.

Yemeni forces have launched a series of attacks since their ban decision last week, targeting oil tankers, facilities, and refineries in Jizan and Yanbu.

They also intercepted about 16 other ships while they were attempting to sail to Saudi ports on the Red Sea.

The decline of the Saudi market in light of the recent Yemeni attacks is another aspect of the losses Saudi Arabia is incurring in the war indirectly.