By Mahmoud Gamal
Dubai – Mubasher: GCC stock markets witnessed severe declines in Sunday’s early trading, after oil prices continued their slump to their lowest levels in eleven years.
Brent oil fell to $38 per barrel for the first time since December, 2008, losing 5.19% to reach $37.67 pb. Similarly, U.S. crude moved below the $36 pb for the first time since February 2009, shedding $1.14 or 3% to $35.62 pb.
The steep declines in GCC markets followed the drop in oil prices, coupled with a bearish performance of global markets in late sessions last week, said Al Al Anzi, technical and economic analyst at M&R Consulting.
He added that markets were also weighed by investors’ anticipation for the outcome of the U.S. Federal Reserve meeting this week which will look into interest rate.
Qatar’s bourse was the biggest loser, with a fall of 3.9%, or 393.36 points to 9,621.46 points; its lowest level in more than two years.
Saudi Tadawul – the biggest stock exchange in GCC by market value – shed 244.30 points or 3.52% in its first minutes of trading to reach a one-month low of 6,704.85 points.
Egypt’s EGX lost 2.8% or 187.4 points to 6,450.51 points, which is its lowest level in eight sessions.
Dubai equity market fell by 2.8% or 187.4 points to 6,450.51 points, while Abu Dhabi index shed 1.9% to a one-year low of 4,006.97 points.
