Oman- MSM30 resumes retreat amid crude slump

1/20/2016 4:48:08 PM

(MENAFN- Muscat Daily) Muscat-

The Muscat Securities Market joined a retreat among Middle East equity markets as Brent crude dropped below US$28 per barrel for the second day this week.

Oman's benchmark index fell 1.83 per cent to close Wednesday's trading session at 4890.65.

The Financial sub-index gave up the previous day's gains and more dropping 2.73 per cent. The Services index lost more than one per cent. The Industrial gauge was relatively better off losing 0.22 per cent.

Saudi Arabia's Tadawul all share index fell five per cent to finish at the lowest since March 2011 as Saudi authorities were said to have ordered local banks to stop offering options contracts that allow speculators to take bets on a devaluation of the riyal.

Dubai's DFM general index tumbled 4.6 per cent to the weakest close since September 2013. The Bloomberg GCC 200 Index which tracks the region's largest companies ended at the lowest in almost five years.

'Fear's in the air' said Ahmed Shehada the Dubai-based executive director for advisory and institutions at NBAD Securities the brokerage arm of one of the UAE's biggest bank. 'Any chance of a recovery has been quickly clouded by oil dropping again and by the global sell-off.'

Brent crude a benchmark for half the world's oil fell 2.8 per cent to US$27.96 per barrel at 4:38pm Dubai time heading for the lowest close since November 2003.

Qatar's QE index lost three per cent and Bahrain's gauge retreated 0.6 per cent. Kuwait's SE price index slumped two per cent and Abu Dhabi's ADX general index slid 3.1 per cent.

- With inputs from Bloomberg

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