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Gulf markets end lower as world stocks decline
Oman's main index fell more than 3 percent, its sharpest one-day decline in more than six months, led by a slide in shares of Bank Muscat.
Bank Muscat tumbled 7.42 lower and fell to its lowest level since Dec. 4.
The benchmark, the second-best performer in the Gulf Arab region this year, slid 3.64 percent, its biggest single-day fall since Jan. 22, to close at 10,677.33 points.
"Global markets are declining and big investors are in a selling mode. There was crazy selling in the market," said Syed Quadry, vice president of business development at Amwal Investment.
"Global markets have an impact all over the world."
World stocks hit a two-week low on Tuesday after Merrill Lynch said it would take a $5.7 billion writedown to offload toxic debt.
Saudi Arabia's main index ended lower as global stocks decline.
Samba Financial and Etihad Etisalat shed 3.14 percent and 3.02 percent respectively.
"The decline in global markets is one of the reasons the Saudi market is falling," said Abdulla al-Aqil, trader at Samba Financial.
Saudi Arabian Mining Co (Maaden) slide 6.56 percent after surging almost 54 percent on its debut on Monday.
Stock markets in the UAE ended lower, led by Emaar Properties and Emirates Telecommunications Corp (Etisalat) as global markets declined on concerns over the financial sector.
"Whoever is active in the market here goes into monitoring mode when global markets are down. But the day looks OK compared to what happened globally, with banks leading the U.S. and Asia
down," said Mohamed Alami, head of international desk at Naem Holding & Shares.
"With most of the players on the sidelines, there is insignificant pressure from the sell side and it's just low volume and quietness."
Emaar fell 2.36 percent, leading Dubai's main index down 1.36 percent to 5,348.46 points.
In Abu Dhabi, Etisalat and Sorouh Real Estate declined 1.52 percent and 2.15 percent respectively, driving the benchmark 0.89 percent lower to 4,930.58 points.
Kuwait closed lower, led by banking shares. Kuwait Finance House and National Bank of Kuwait
declined 1.37 percent and 2.11 percent respectively.
The benchmark closed down 0.17 percent to 14,971.10 points.
Commercial Bank of Qatar and Qatar Gas Transport Co shed 3.78 percent and 2.45 percent respectively.
The benchmark extended its losses into a third day, falling 1.34 percent to 11,557.99 points.
Bahrain's benchmark finished down 0.04 percent at 2,810.19 points, led by Bahrain Islamic Bank , which lost 0.18 percent.
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