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Black day for Gulf markets as stocks nosedive
In a black day for Gulf markets all main indexes dropped on Sunday, with Qatar down 6 percent, Abu Dhabi 3 percent and Dubai 3 percent as stocks nosedived.
The most significant drop was seen in Dubai where Islamic mortgage lender Tamweel plummeted more than 10 percent as an ongoing corruption probe deepened.
Dubai sovereign wealth fund Istithmar World, the largest shareholder in Tamweel, said on Sunday it has suspended its vice chairman and chief financial officer "in light of ongoing investigations".
Tamweel shares close 10.04 percent lower at 4.21 dirhams per share, having fallen more than 30 percent since the investigation was made public on August 14.
Dubai developer Emaar saw its shares drop 3.04 percent after news of the company's planned share buyback scheme failed to lift investor sentiment.
Dubai's main index finished 3.38 percent lower at 4,114 points.
In Abu Dhabi the main index ended 2.71 percent lower at 3,925 points as banks and real estate companies weighed. The index has fallen more than 23 percent since June 17.
First Gulf Bank and Union National Bank ended 3.6 percent and 6.3 percent lower. Aldar Properties and Sorouh Real Estate ended 3.5 percent and 3.8 percent lower respectively.
Banks led the drop in Qatar, with the benchmark finishing 6.16 percent lower at 8,840 points as local funds join foreign investors in an ongoing sell-off.
Commercial Bank of Qatar and Dlala Brokerage ended 8.4 percent and 7 percent lower respectively. Doha Bank closed 5.3 percent down.
Kuwait's main index ended more than 2 percent lower, led by banks hit by stricter lending regulations from the central bank.
Kuwait Finance House, National Bank of Kuwait slipped 4.2 percent and 2.4 percent respectively.
The Kuwait benchmark closed 2.1 percent down at 12,848 points. The index has fallen more than 17 percent since June 25.
Bahrain's index ended 2.3 percent lower at 2,518 points. The index has fallen more than 13 percent since June 15.
Ahli United Bank and Gulf Finance House finished 6.09 and 2.44 percent lower respectively.
Oman's main index finished slightly lower, dragged down by shares in some of the country's major banks.
Bank Muscat and National Bank of Oman ended 1.5 percent and 1.1 percent lower respectively. Shares in Oman Cables Co. closed 1.6 percent lower.
The Muscat benchmark finished down 0.2 percent at 8,194 points. The index has fallen more than 31 percent since June 8.
Saudi Arabia's main index closed 0.55 percent lower at 7,759 points, having pared mid-session gains of up to 2 percent. The index has fallen more than 22 percent since May.
Saudi British Bank and Al-Rajhi Bank close 4.8 percent and 1.2 percent lower.
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