|12-17-2014, 08:46 PM||#1|
Gulf stock markets stabilize at opening after heavy selloff
The gulf stock markets stabilized early trading hours Wednesday after the Dubai stock market extended the heavy selloff yesterday plummeting to a one-year low as a result of the ongoing oil glut.
The selloff extended pushing Brent below $60 a barrel for the first time since July 2009 and WTI futures below $55 a barrel also for the first time since May 2009.
The IEA last Friday revised lower its forecast for oil demand for the fourth time in five months extending the ongoing selloff across oil markets and Gulf equities. The second top oil consumer, China, revealed weak data this week where the manufacturing sector shrank in December for the first time in seven months.
Dubai`s stock index managed to climb faintly by 0.7 percent this morning as almost half of traded stocks witnessed gains after the index plunged severely by 7.3 percent yesterday, driving the losses year-to-date about 21.0%.
Abu Dhabi`s index climbed also by 2.6 percent, Oman`s bourse inched up slightly by 0.2 percent and Qatar edged up by 0.1 percent while that Kuwait`s bourse plunged 0.4 percent
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