|12-30-2014, 03:47 PM||#1|
Gulf equities sink again as oil hits a fresh low
Stock markets in the Gulf fell sharply on Tuesday early trade after Brent crude oil fell to almost a five-year low, with some pressure from political uncertainty in Greece.
Brent crude fell to nearly $57.0 a barrel, as worries returned about slower global demand and a supply glut.
Dubai’s index fell the most; Although Dubai less contingent on oil revenues compared to other Gulf states, but its stock market has higher liquidity and exposure to foreign investors.
The Dubai Financial Market (DFM) was last down 4.9%, with most shares on the decline.
Abu Dhabi lost 1.3%, Oman fell 1%, Qatar fell 1.82% and Kuwait fell 0.3%. As of 08:10 GMT
This comes after a week-long period of stabilization in Gulf equities, which indicates that oil prices can still take hold on retail investor sentiment in the region, and considering retail investors dominate trading volumes, the impact is always notable.
Most Gulf states announced that government spending will not be affected.
The global equity backdrop was soft on Tuesday, as investors took the sidelines amid the sell-off in commodities, and as volumes usually fade at this time of the year.
Prime Minister Antonis Samaras failed to find support for his presidential nominee on Monday, resulting in a snap election that could jeopardize the country’s bailout program.
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