Dubai’s index slumped to a 21-week low, falling for the fourth session in five as panicking investors dumped stocks in the absence of any firm news on Dubai World’s debt restructuring.
“The situation isn’t clear – people need further information to decide what to do,” said Adel Nasr, United Securities brokerage manager in Muscat.
and
Arabtec
all plunged more than 9.8 percent.
The index fell 6.1 percent to 1,638 points, its lowest close since July 13.
“Dubai prices are very cheap and most of the companies will not be affected by what’s going on with Dubai World,” says Nasr. “Sentiment and direction from foreign investors are the drivers.”
Abu Dhabi’s index fell 3.4 percent to a 31-week closing low of 2,539 points.
fell 6.3 percent and
Aabar Investments
dropped 5.3 percent.
Saudi Arabia’s index slumped to a 12-week low, tracking losses on earlier-closing Gulf Arab markets.
The benchmark fell 2.3 percent to 6,103 points, its biggest one-day decline for five weeks and lowest close since Sept. 16.
Banks again bore the brunt of the sell off, with SABB and Banque Saudi Fransi dropping 4 and 4.2 percent respectively.
Kuwait’s index made its largest one-day gain for four months, bucking a downward regional trend as banks bounced back from the previous day’s declines, but Bahrain’s measure slumped to a two-year closing low.
added 3.8 and 1.9 percent respectively.
surged 6.6 percent, although it remains down 25 percent since a US court indicted the logistics firm on fraud charges on November 16.
Kuwait’s index climbed 1.3 percent to 6,766 points, its biggest single-session gain since August 11 as it ended higher for the third session in four.
Qatar’s benchmark ended lower for the first session in five, tracking broad regional declines as Dubai’s debt woes spurred widespread selling.
The index fell 2.1 percent to 6,983 points.
Qatar National Bank
dropped 2.5 and
Industries Qatar
lost 2.7 percent.
Bahrain’s measure slipped 0.3 percent to 1,424 points, its lowest close since at least May 2007
Oman’s index slumped to a 15-week closing low in broad-based declines as the Dubai contagion weighed on Gulf Arab markets.
“Oman is affected by negative sentiment in Dubai,” said Adel Nasr, United Securities brokerage manager.
fell 2 and 6.2 percent respectively, while
ONIC Holding
plunged 8.9 percent.
“Banks are again under selling pressure after disclosing their exposure to Dubai World,” sais Nasr.
“If there’s a bounce back in Dubai it will be reflected immediately in Oman.”
Oman’s index fell 1.3 percent to 6,221 points.
(Reuters)
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