|11-30-2014, 11:07 PM||#1|
Gulf stock markets slump after oil slide, Dubai sheds 6.7%
Stock markets in the Gulf suffered a heavy sell-off on Sunday early trade after the decision by the Organization of the Petroleum Exporting Countries (OPEC) to keep crude oil production unchanged weighed on oil prices.
Dubai’s benchmark, the Dubai Financial Market (DFM), fell 6.7% to its lowest level since early July, with all shares trading in the red.
Qatar’s bourse fell 4.3% to near a five-month low, Abu Dhabi slumped 3.43%, Oman fell 5.6%, and Kuwait fell 2.2%.
Brent crude oil fell around 10% since Thursday to trade just above $70 a barrel
The price of oil has become the main concern of investors in the region in the past few weeks, with worries that the implications of lower oil prices could hurt regional government spending and restrain the pace of local economic growth.
The notion that OPEC chose to leave output unchanged, together with the fact that they will not meet again until June 2015 gave investors the confirmation that OPEC wants to see oil prices go down even further.
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