Stocks sag across the Gulf

Stock markets in the Gulf region traded mostly lower today amid sharp fluctuations reflecting low investor sentiment over fears on the status of the global economy. Turnover was also very low as investors continued to stay away from the markets for fear of sustaining more losses. Economists have said that the slide in the price of oil, the main source of income for the Gulf region, was also negatively influencing investor confidence.

The Saudi market, the largest in the region, fluctuated sharply before trading down one per cent below 4,450 points despite a 1.3 per cent rise by the leading petrochemicals sector. Banks shed 2.1 per cent. The Kuwait Stock Exchange, the second biggest Arab bourse, closed 0.8 per cent lower at 8,615.00 points despite a small rise by the leading banking sector. The market reeled under the political crisis between parliament and the government, which resigned yesterday after three lawmakers filed to grill the prime minister.

In the UAE, the Dubai Financial Market closed up 0.53 per cent at 1,872.29 points as the market leader, property developer Emaar, recovered early losses to finish unchanged. Leading construction company Arabtec meanwhile rose 14.9 per cent after it announced plans to raise its capital. The other UAE bourse, the Abu Dhabi Securities Exchange finished down 1.65 per cent at 2,685.54 points with the leading real estate sector dropping 1.7 per cent. Banks were 1.3 per cent lower.

The Doha Securities Market closed up 0.8 per cent while the Bahrain Stock Exchange shed 1.8 per cent. Muscat Securities Market is closed for a public holiday. *AFP