gulf stocks slump after oil dives to new lows
Last Updated : GMT 12:26:02
Arab Today, arab today
Arab Today, arab today

Gulf stocks slump after oil dives to new lows

Arab Today, arab today

Arab Today, arab today Gulf stocks slump after oil dives to new lows

Dubai Financial Market Index
Kuwait City - AFP

Dubai shares suffered one of their biggest one-day losses Thursday as stock markets across the energy-rich Gulf fell sharply after oil prices dived to new lows.
The Dubai Financial Market Index tumbled 7.4 percent to close at 3,594.95 points, a 10-month low.
"It's a panic sell-off across all Gulf markets which are highly sensitive to developments in the oil market," said Mohammad Zidan, chief market strategist at Kuwait-based brokerage firm Orbex.
"The fear that Gulf states will start posting a budget deficit has dented investors' confidence," he told AFP.
At one point earlier this year the Dubai index was up 60 percent from the start of 2013, but it has since given up almost all of the gains.
Zidan said he expected the slump to continue next week but at a much slower rate.
Market leader Emaar Properties plummeted 9.1 percent and construction giant Arabtec lost 7.8 percent.
The neighbouring Abu Dhabi Securities Exchange, which normally moves in a tight range, shed 4.4 percent to finish the day at 4,381.16 points.
Losses were led by the banking, financial and real estate sectors.
The Qatar Exchange, the second-largest in the Arab world after Saudi Arabia, dropped 4.3 percent to 11,805.11 points, declining below the 12,000-point psychological level.
The Kuwait Stock Market closed down 1.5 percent at 6,463.76 points -- a level last seen in March 2013.
The tiny Muscat Stock Exchange shed 4.15 percent to end below the 6,000-point mark while the Bahrain Stock Exchange was down 0.9 percent.
The Saudi Tadawul All-Shares Index slumped more than three percent in early trade, slipping below the key 8,200-point level.
It later recovered slightly and was down 2.4 percent at 8,205.29 points, a 13-month low, before the close of trade.
Oil prices rebounded slightly in Asia Thursday after falling sharply to fresh five-year lows in the previous session as OPEC cut its forecast for demand in 2015 and US stockpiles saw a surprise surge.
US benchmark West Texas Intermediate (WTI) for January delivery rose 44 cents to $61.38 while Brent crude for January was up 40 cents at $64.64 in afternoon trade.
WTI tumbled $2.88 Wednesday while Brent lost $2.60 after the Organization of Petroleum Exporting Countries said demand for the 12-nation cartel's crude would fall to 28.92 million barrels a day next year. The figure is the lowest since 2003 and at least one million barrels fewer than it is producing now.

 

arabstoday
arabstoday

GMT 03:16 2017 Saturday ,18 November

Asian markets head for positive end to volatile week

GMT 11:57 2017 Friday ,17 November

US stocks boosted by solid Wal-Mart, Cisco earnings

GMT 06:51 2017 Friday ,17 November

Bahrain Bourse daily trading performance

GMT 03:57 2017 Thursday ,16 November

Stock markets retreat as oil slides

GMT 15:05 2017 Wednesday ,15 November

Bahrain Bourse daily trading performance

GMT 02:47 2017 Wednesday ,15 November

Asian markets down as fears grow for US tax reform

GMT 19:56 2017 Tuesday ,14 November

Bahrain Bourse daily trading performance

GMT 02:48 2017 Saturday ,11 November

European stock markets fall further
Arab Today, arab today
Arab Today, arab today

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*

gulf stocks slump after oil dives to new lows gulf stocks slump after oil dives to new lows

 



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*

gulf stocks slump after oil dives to new lows gulf stocks slump after oil dives to new lows

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Prince's vision spurs new Cornwall village

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Presenter Sherine Ramahi proud of her career

GMT 06:46 2017 Sunday ,19 November

Presenter Sherine Ramahi proud of her career
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Hanan Metawe denies apology for “Major Treason”

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 06:13 2017 Friday ,17 November

Pope denounces healthcare inequality

GMT 05:18 2017 Thursday ,16 November

Boeing announces $27bn from flydubai

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
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