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Sun 13 Dec 2015 11:42 AM

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Oil slump strengthens market sell-off in UAE, Qatar

Brent crude posted its biggest weekly percentage drop in over a year on Friday to settle at $37.93

Oil slump strengthens market sell-off in UAE, Qatar

Gulf markets fell in early trade on Sunday as the oil price slump fuelled a broad stock sell-off.

Brent crude posted its biggest weekly percentage drop in over a year on Friday to settle at $37.93 after the International Energy Agency (IEA) warned that global oversupply of crude could worsen next year.

Qatar's stock index tumbled 3.8 percent, taking its losses for the year to 21.7 percent, underperforming the MSCI emerging market index which is down 19 percent in 2015.

Financial sector heavyweights Masraf Al Rayan and Qatar National Bank declined 4.8 and 2.3 percent respectively.

Dubai's bourse fell 1.6 percent. It is down 23.2 percent in 2015, making it the worst performing Gulf market index this year.

Losers outnumbered gainers 19 to three. Blue-chips Emaar Properties and Dubai Islamic Bank dropped 3 and 2.5 percent respectively, while Emirates NBD - Dubai's largest bank by market value - rose 2.7 percent as 7,000 shares were traded to ease the main benchmark's losses.

Drake and Scull slid 0.8 percent to 0.38 dirhams, hitting a new record low. Another construction firm, Arabtec retreated 2.6 percent, falling to a four-year low.

Abu Dhabi's index dropped 1.8 percent as blue-chips tugged the index lower. First Gulf Bank and telecom giant Etisalat declined 1.7 and 1 percent respectively, giving back Thursday's gains.

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