Arab Today, arab today saudi qatar drops to 5month low uae sees selloff
Last Updated : GMT 13:04:48
Arab Today, arab today
Arab Today, arab today

Saudi, Qatar drops to 5-month low; UAE sees sell-off

Arab Today, arab today

Arab Today, arab today Saudi, Qatar drops to 5-month low; UAE sees sell-off

Riyadh - Arabstoday

Saudi Arabia\'s index ended at a five-month low, as most shares retreated in reaction to a panic sell-off in US and Asian markets on fears of a new global downturn. The benchmark ended 0.8 percent lower at 6,009 points, its lowest close since March 7. Bellwether Saudi Basic Industries Corp (SABIC) fell 1.3 percent and Al Rajhi Bank dropped 0.7 percent.World stocks sank sharply for a 10th session running on Tuesday, racking up a 20-percent loss since early May.Brent crude shook off sharp losses to gain over $1 on Tuesday, supported as investors edged back into riskier assets after a sharp sell off in recent sessions. \"I expect the regional markets to rebound strongly as soon as the global markets stabilise,\" said Shakeel Sarwar, head of asset management at Securities & Investment Co (SICO) in Bahrain.\"However, if oil falls below $70 in a sustained decline, there will be a negative impact on regional economies.\"UAE and Qatar\'s bourses ended in the red after seeing steady declines through the day as investor confidence was shaken following a slump in global stocks. Dubai\'s index fell 2 percent to 1,444 points and Abu Dhabi\'s benchmark dropped 1.3 percent to 2,578 points.Heavyweights Emaar Properties lost3.8 percent and Emirates NBD dropped 2.3 percent. \"As the dust settles, a lot of regional investors will look at their backyards and feel more confident,\" said Shakeel Sarwar, head of asset management at Securities & Investment Co (SICO) in Bahrain.\"Yes, nobody wants to catch a falling knife but there are good buying opportunities out there. Lot of companies with good fundamentals have fallen sharply in the last few days. The earnings growth this year has been strong overall.\" Qatar\'s index fell 1.8 percent to close at 8,071 points, its lowest close since March 8. Heavyweight Industries Qatar slumped 4.1 percent.Qatar Electricity and Water dipped 1.5 percent. The firm reported a second-quarter net profit of 443.6 million Qatari riyals, rising 40.97 percent from the year ago period, according to statement on the bourse.Qatar National Bank bucked the trend and ends 0.07 percent higher. Oman shares fell victim to a region wide sell-off as increasing concerns over weakening global growth put pressure on investor confidence.The benchmark ended 1.8 percent lower at 5,505 points, crossing a two-year low. Large-caps tumbled, with Bank Muscat falling 4.3 percent while and Bank Dhofar slumped 8.6 percent.There were no gainers.\"We do expect the trigger for the market to come in the form of valuations and might see liquidity improving post-Eid as global uncertainties calm down,\" said Kanaga Sundar, head of research at Gulf Baader Capital Markets.Oman Telecommunications Co\'s (Omantel) eased 0.2 percent, giving back earlier gains. It said yesterday its second-quarter net profit was unchanged from a year-ago as expenses rose on the back of new recruitments and improvement in employee benefits. Elsewhere, Kuwait\'s index fell 1.5 percent to 5,870 points, hitting a fresh seven-year low. Logistics firm Agility slumped 5.6 percent.Saudi Arabia\'s index tumbled to a five-month low on open, and all shares are down, reacting to a rapid downgrade in the outlook for US and global economic growth. The benchmark dropped 4.3 percent to 5,803 points, its lowest level since March 7. Bellwether Saudi Basic Industries Corp (SABIC) slumped 5.2 percent, Al Rajhi Bank dropped 4 percent and Saudi Kayan Petrochemicals sags 6.4 percent. Brent crude oil futures recovered from sharp losses in early European trade on Tuesday, as investors edged back into riskier assets after a heavy sell-off the previous session. By 0718 GMT Brent crude was 22 cents lower at $103.52. From / Arabian Business News

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 saudi qatar drops to 5month low uae sees selloff Arab Today, arab today saudi qatar drops to 5month low uae sees selloff

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 03:11 2017 Saturday ,25 February

50 Tunisian exhibitors at Gulfood 2017, Dubai

GMT 02:19 2017 Saturday ,25 February

SIEL expo, March 1-4

GMT 12:30 2017 Friday ,24 February

Norway's Telenor to leave Indian telecom market

GMT 10:17 2017 Friday ,24 February

Dow stands out as global stocks tread water

GMT 16:11 2017 Thursday ,23 February

Bahrain Bourse daily trading report

GMT 16:08 2017 Thursday ,23 February

BHB holds VAT seminar
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
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