|12-08-2014, 12:07 PM||#1|
Gulf stock markets mixed, Oman stabilizes
Gulf stock markets were mixed in mid-session trading on Monday, with tumbling crude oil prices keeping investors on edge over when will the sell-off come to an end.
Brent crude oil prices fell 1.39% on Monday, trading near last week’s low of $67.53, which was the lowest since October 2009.
Most of the declines came after Morgan Stanley cut its price forecast for Brent, citing oversupply after OPEC’s decision not to curb output.
Dubai fell 1.84%, with most stocks falling in low-volume trading, with heavy-weight Emaar Properties the main drag. Abu Dhabi’s main index fell 0.11%. As of 08:50 GMT
The Qatar Exchange (QE) was slightly changed, with pressures coming from conglomerate Industries Qatar and Gulf International Services.
Oman gained 0.32% after falling 4.2% on Sunday when ratings agency Standard & Poor’s cut its outlook on Oman’s credit rating to negative. Banking shares that had fallen in the previous session rebounded.
The ratings agency also cut Saudi Arabia’s sovereign rating from positive to stable.
Also, Raysut Cement fell 5% today after falling the 10% daily limit on Sunday, after the company said the price it paid for gas supplies will double next year, in the wake of the government’s decision to cut subsidies to negate the effect of oil’s fall.
This should weigh notably on investor sentiment in the region, especially with a lingering pressure from oil prices that are not expected to rebound soon.
Until investors start looking beyond oil’s decline and start focusing on the strong fundamentals the regional stock market has, we expect a lot of volatility.
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