Gulf markets suffer wide-scale selling as oil slides . . . . . . . . . . . Panic-selling spread throughout Gulf STOCK MARKETS on Tuesday after Brent crude oil prices fell to a fresh five-year low. Dubai’s STOCK MARKET suffered the heaviest losses, falling 3.7% with all shares in the red. Emaar Properties, Arabtec and Dubai Islamic Bank were the main drags. Union Properties fell 7%. Abu Dhabi fell 2.65%, with the sole gainer being Ras Al Khaimah Ceramics, rising 4% after CI Capital gave it an “overweight” rating with a target of AED4.60. The company now trades around AED3.35. Qatar fell 2.75%, Oman fell 3.26 and Kuwait lost 1.45%. Saudi Arabia’s benchmark index also lost 2.25%. Brent crude oil was last up 10 cents at $66.30 a barrel, but earlier hit a low of $65.29 a barrel, the lowest level since October 2009. The impact of oil’s sudden slide was fierce. INVESTORS seem to not have considered any fundamentals and the huge fiscal reserves of some of the Gulf’s large oil exporters, and rushed to take profits. Most shares in these bourses have declined in the past period on oil’s decline, despite having performed extremely well and recorded significant growth. The harsh selloff seen in the last two months is making Gulf shares look extremely appealing from a valuation standpoint, however investors arent expected to prop up STOCK MARKETS until early 2015. #egyptyard
Posted on: Tue, 09 Dec 2014 12:59:14 +0000
Trending Topics
Recently Viewed Topics
© 2015