UAE- Gulf shares hit by fresh sell off Saudi stocks fall 5

Date

1/24/2016 3:50:08 AM

(MENAFN- Khaleej Times)

Middle East stock markets plunged to multi-year lows again on Wednesday with the Saudi market losing five per cent of its value in response to a fresh drop in oil prices and global equities.

Riyadh's index sank five per cent to 5460 points the lowest close since March 2011. It has lost 21 per cent so far this year. Petrochemical blue chip Saudi Basic Industries slumped six per cent.

In Egypt the main index slumped 5.3 per cent in response to Asian stock markets' decline.

The Dubai and Abu Dhabi bourses both tumbled to 28-month lows. Dubai plunged 4.6 per cent; the two most traded stocks were builders Arabtec and Drake & Scull declining 7.7 and 7.8 per cent respectively. Drake posted a record low close.

Abu Dhabi's bourse slumped 3.1 per cent taking its 2016 losses to 12.5 per cent. Small and mid-cap stocks were battered as local investors dumped shares indiscriminately. Dana Gas the most traded stock plummeted 9.5 per cent. In Qatar the index was down 3.3 per cent after rocketing more than five per cent on Tuesday. Gulf International Services an oil driller tumbled 6.8 per cent. - Reuters

Qatar Insurance fell 0.8 per cent after reporting a 57.8 per cent jump in net profit for the fourth quarter to 350.4 million riyals ($96.2 million); QNB Financial Services had forecast 108.3 million riyals.

WEDNESDAY'S HIGHLIGHTS

SAUDI ARABIA

* The index plunged 5.0 per cent to 5460 points.

EGYPT

* The index tumbled 5.3 per cent to 5777 points.

DUBAI

* The index slumped 4.6 per cent to 2639 points.

ABU DHABI

The index fell 3.1 per cent to 3768 points.

QATAR

* The index retreated 3.3 per cent to 8689 points.

OMAN

* The index declined 1.8 per cent to 4891 points.

KUWAIT

* The index traded down 2.0 per cent to 4985 points.

BAHRAIN

* The index slid 0.6 per cent to 1168 points.

(Editing by Andrew Torchia and Catherine Evans)

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