Arab Today, arab today gulf stocks hit hard after opec maintains output quota
Last Updated : GMT 13:49:47
Arab Today, arab today
Arab Today, arab today

Gulf stocks hit hard after OPEC maintains output quota

Arab Today, arab today

Arab Today, arab today Gulf stocks hit hard after OPEC maintains output quota

Saudi investors monitor stocks at the exchange market
Kuwait City - AFP

Gulf Arab stocks plunged Sunday on their first trading day since OPEC decided to maintain oil output in a move that sent crude prices crashing to five-year lows, analysts said.
All seven bourses in the energy-rich Gulf Cooperation Council (GCC) had been closed for the Friday-Saturday weekend following OPEC's decision late Thursday.
The Saudi Tadawul All-Shares Index (TASI), the largest in the Arab world, slumped more than 6.0 percent to below the 9,000-point mark immediately after opening.  
It recovered slightly to close down 4.76 percent at 8,624.89 points, the lowest since early January. Almost all of the market's gains this year have evaporated.
All the 15 sectors were in the red, led by petrochemicals which lost 9.0 percent. Market leader petrochemicals giant Sabic dived 9.9 percent, the maximum allowed loss on a single day.
Mazen al-Sudairi, head of research at Alistithmar Capital in Riyadh, said he expected government and consumer spending to stay strong although there would be a “slightly negative” impact of lower oil prices on the petrochemicals sector.
"In the short-term I can’t estimate" whether TASI will recover, he said.
Salah Saleh Sultan, head of wealth management at Muscat Capital in Riyadh, said the drop in oil prices has dented investor sentiment.Dubai Financial Market, which at one stage was trading down 6.5 percent, closed the day 4.74 percent lower at 4,281.43 points, its lowest level since June.
All but one of the DFM's stocks were in the red, but the benchmark index is still 27 percent up on last year's close.
Abu Dhabi Securities Exchange lost 2.56 percent to finish the day at 4,675.00 points.
Kuwait Stock Exchange price index dipped 3.3 percent to close at 6,754.60 points, the lowest level since March 2013. The weighted index shed 5.9 percent. 
Qatar Exchange lost 4.3 percent to end at 12,760.46 points, in the first fall below the 13,000-mark in five months.
Oman's main bourse tumbled 6.2 percent to end at 6,505.99 points, while Bahrain's remained almost unaffected, closing down 0.46 percent.
The Organisation of Petroleum Exporting Countries on Thursday opted to keep its collective daily oil output target unchanged at 30 million barrels despite sliding crude prices.
- Gulf stocks to 'bleed' -
Sunday's stock market fall was "a direct impact of the OPEC decision and the fear from the low oil price consequences" on Gulf economies, said Ziad Chehab, vice president of investment research at Kuwait's KAMCO investments.
"I think Gulf stock markets are expected to continue to bleed for some time to come," he said.
The OPEC move has been seen as positive for global economies but negative in the Gulf where oil revenues account for an average of 90 percent of government budgets.
US benchmark West Texas Intermediate for delivery in January closed at $66.15 a barrel on the New York Mercantile Exchange, down $7.54 from the closing price Wednesday. It was the lowest WTI close since September 2009.
Brent oil for January delivery sank below $70 for the first time in four and a half years, to $69.78 a barrel. Brent settled at $70.15 a barrel, down $2.43 from Thursday's close.
The six-nation GCC states, which pump around 17.5 million barrels per day, are expected to lose over one-third of their mammoth oil revenues of $729 billion posted last year. 

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today gulf stocks hit hard after opec maintains output quota Arab Today, arab today gulf stocks hit hard after opec maintains output quota

 



Arab Today, arab today
Arab Today, arab today Kanye West puts hijab-wearing model

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 09:49 2017 Saturday ,18 February

Qatar Stock Exchange Index Gains 190.17 Points This Week

GMT 09:15 2017 Friday ,17 February

Asia stocks retreat after week-long Trump rally

GMT 08:14 2017 Friday ,17 February

Bahrain Bourse daily trading report

GMT 21:28 2017 Thursday ,16 February

US Stocks End High on Tuesday

GMT 21:18 2017 Thursday ,16 February

Chinese Yuan Strengthens to 6.8632 Against USD Wednesday

GMT 09:55 2017 Thursday ,16 February

Robust Omani Riyal exchange rate affirmed
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 17:36 2017 Monday ,13 February

Designer prepares to present 2017 collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday