Arab Today, arab today gulf stocks slump after oil dives to new lows
Last Updated : GMT 11:31:04
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.

 

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

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes

GMT 13:35 2017 Wednesday ,22 March

Oman shares fall taking cues from regional bourses

GMT 09:35 2017 Wednesday ,22 March

Bahrain Bourse daily performance

GMT 09:33 2017 Wednesday ,22 March

Alba approves US$80M cash dividend at AGM

GMT 02:24 2017 Wednesday ,22 March

US stocks dive over Trump agenda doubts

GMT 14:10 2017 Monday ,20 March

Bank Muscat trading pulls down Muscat index
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Haifa Wahby bets on her new drama show

GMT 06:04 2017 Thursday ,23 March

Haifa Wahby bets on her new drama show
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 07:03 2017 Wednesday ,22 March

Merna Waleed praises her work with Soad Hosni

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 07:38 2017 Friday ,24 March

Pass health bill Friday or he'll move on

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
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