|01-05-2015, 11:18 PM||#1|
Gulf bourses fall as Brent nears $55, Gulf Finance House boosts Bahrain`s index
Stock markets in the Gulf added more losses early Monday as Brent crude oil prices neared $55 a barrel.
Prices of Brent crude oil futures lost more than a dollar on Monday to hit a fresh low of $55.35 per barrel on continued worries over global supply glut and weak demand.
The market sentiment in the region failed to benefit from the approved strong state budgets of Saudi Arabia, Oman and Dubai that gave the idea that lower oil prices will not be translated into spending cuts and therefore will not affect economic growth.
That could be owed to the nature of Gulf stock markets as they are dominated by retail investors.
Dubai’s main index slumped 3.9%, Abu Dhabi fell 0.5%, Qatar dropped 1.34% and Oman fell 0.3%.
Bahrain edged higher however, with a boost coming from Gulf Finance House (GFH).
GFH surged more than 5% after announcing it had won an $11.5 million lawsuit related to an investment in a Qatari firm.
Also, a Bahraini court dismissed a $13.8 million legal case filed against the company by its former chairman, GFH said in a separate statement.
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