Gulf markets follow global exchanges in major sell-out

08:11, May 20, 2010      

Email | Print | Subscribe | Comments | Forum 

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.



  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Fourth-grader Ma Lianghai (left) and third-grader Ma Linxiang are engrossed in their work during art class at Zhaojia Elementary School in Dongxiang, Gansu province, on Sept 18. (Photo by Xu Jingxing/China Daily)
  • A model presents a creation by Jannette Klein University, during the DFashion Mexico, Spring-Summer 2011-2012, in Mexico City, capital of Mexico, on Sept. 26, 2011. (Xinhua/Claudio Cruz)
  • The wax figure of actress Audrey Hepburn is seen at the Madame Tussauds Hong Kong in Hong Kong, south China, Sept. 27, 2011. The wax figure of Audrey Hepburn was unveiled in Hong Kong on Tuesday. (Xinhua/Chen Xiaowei)
  • Photo taken on Sept. 26, 2011 shows lighting illuminating the night sky in Guangzhou, capital of south China's Guangdong Province. The first Guangzhou International Lighting Festival kicked off here on Monday. (Xinhua/Shen Dunwen)
  • The graphic shows the schematic image of Chinese space station. (Xinhua/Lu Zhe)
Hot Forum Discussion