Now Reading
Stock News: Gulf Markets Pull Back As Oil Continues Slide

Stock News: Gulf Markets Pull Back As Oil Continues Slide

rent crude oil dropped into the $46 area in Asian hours on Tuesday, near a six-year low.

Gulf stock markets pulled back early on Tuesday as oil prices continued their slide, prompting profit-taking across a wide range of sectors.

Dubai’s equity index slid 2.4 per cent with the most heavily traded stock, construction firm Arabtec, slumping 3.4 per cent. Abu Dhabi’s index edged down 0.5 per cent, dragged down by top real estate firm Aldar Properties, which was off 2.9 per cent.

Although Gulf bourses have in the last few weeks become somewhat more comfortable with the oil price slide and are no longer panicking, the uncertainty over where and when oil will bottom continues to weigh heavily on investors.

Brent crude oil dropped into the $46 area in Asian hours on Tuesday, near a six-year low, after a five per cent plunge on Monday.

Qatar’s bourse slid 1.3 per cent as Barwa Real Estate lost 1.4 per cent. Industries Qatar, which has been sinking because of a disappointing 2014 dividend proposal, dropped a further 1.4 per cent but the pace of its slide slowed.

© 2020 MOTIVATE MEDIA GROUP. ALL RIGHTS RESERVED.

Scroll To Top