|01-20-2015, 04:21 PM||#1|
Gulf bourses hit by lower oil prices, disappointing earnings
Stock markets in the Gulf were mostly lower on Tuesday morning after oil prices added more losses, and as sentiment was weakened with mediocre fourth-quarter results from Saudi Arabian firms.
Brent crude oil prices fell below $49 per barrel early Tuesday after China missed 2014 economic growth government target and posted the slowest growth in 24 years.
Qatar fell 0.27%, Abu Dhabi fell 0.42%, Muscat lost 0.09% and Kuwait lost 0.64%.
Dubai was barely higher with support coming from AirArabia, which gained 4.15% after it announced it will fly constant routes to Urumqi, the largest city in west China.
Fluctuations in oil prices are still being reflected on the Gulf stock markets, as retail investors continue to drop shares every time oil prices decline.
The behavior seems irrational as non-petrochemical shares have been showing superior growth lately and are backed by strong economic growth.
So this means that until oil prices stabilize, the state of volatility is expected to continue in markets.
In Saudi Arabia, several fourth-quarter results from major companies were unimpressive.
On late Monday, Saudi Telecom Co, the leading operator in Saudi Arabia, said profit dropped 32.6% and missed analysts’ forecasts.
Saudi Electricity Co, the largest utility firm in the Gulf, reported late Monday net loss almost tripled last quarter.
National Industrialization Co, known as Tasnee, reported a 46.5% decline in net profit. Tasnee’s performance however is directly related to weaker oil prices considering its petrochemical-related business.
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