|12-14-2014, 01:07 PM||#1|
Oil prices continue to hit Gulf bourses, UAE erases 2014 gains
Bourses in Qatar and the United Arab Emirates (UAE) tumbled Sunday in early trade after oil prices hit a new low.
Dubai’s benchmark, the Dubai Financial Market (DFM), lost 6.5% on Sunday, erasing all of 2014’s gains as it extends losses in bear market. The losses were broad, with Emaar Properties and Arabtec Holding leading the losses.
Abu Dhabi’s main index fell 3.7%, also erasing all of its year-to-date gains.
Qatar’s benchmark fell to a 10-month low of 11,003 points, down 6.8% for the day. Kuwait fell 2% and Oman lost 0.6%.
Viva Kuwait, which made its debut on Sunday, six years after its initial public offering, lost 7% from opening prices.
This comes after Brent crude oil prices fell 2.9% on Friday to settle below the $62-a-barrel mark after another outlook cut for 2015 demand by the International Energy Agency (IEA).
Gulf equity markets are estimated to have lost $150 billion in value since the start of November, as the oil-spurred selling continues, with no signs of investors calling a bottom for the selloff.
Concerns that regional governments will start to cut spending with falling crude prices have harshly hurt investor sentiment.
With the decline in oil prices, governments are already facing fiscal break-even prices which shall determine the budget outlook for 2015.
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