Gulf markets follow global exchanges in major sell-out

08:11, May 20, 2010      

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Stock markets of Gulf Arab countries failed to resist a major global downturn Wednesday. Investors' fear in the West was driven by a ban of "naked" short selling of euro debt and 10 leading financial firms in Germany late Tuesday.

The fears that the euro crisis might not be finished triggered oil prices to decline again and this put pressure on Gulf stock exchanges.

Saudi Arabia's Tadawul market posted the largest loss in the region, plummeting by 2.38 percent to 6,509.87 points. The Saudi market, which is closed Thursdays, declined by 4.33 percent over the week.

Due to weak financial stocks, the Qatar Exchange closed off 2.33 percent at 7,085.04 points.

Stock markets in the United Arab Emirates declined likewise. The Dubai Financial Market ended 1.66 percent down at 1,685.76 points with 26 shares heading lower and no stock gaining value.

Shares at the Nasdaq Dubai, the international exchange of the emirate, posted heavy losses. The world's fourth largest port operator Dubai Ports World ended 3.16 percent lower at 0.46 U.S. dollar. Its mother company Dubai World is still negotiating to restructure part of its 23-billion-dollar debt. Media reports said Dubai World put interest payments on halt until a solution is found.

The Abu Dhabi Securities Exchange ADX ended 0.45 percent lower at 2,775.26 points on weak energy and real estate shares. The Kuwait Stock Exchange closed 0.73 percent down at 7,075 points. As oil prices could not regain territory and remained below 60 dollars per barrel, Middle Eastern exchanges might face a tricky end this week, unless the outcome of the euro crisis will be clear.

Source:Xinhua

(Editor:梁军)

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