By Mahmoud Gamal
Mubasher: GCC stock markets were in the red zone Thursday, battered by the drop in oil to its lowest price in fourteen years and also by the plunge of Chinese stocks by 7% and subsequent suspension.
During the first thirty minutes of today’s trading, Chinese indices tumbled by more than 7%, prompting a trading suspension.
Moreover, there are mounting concerns about supply glut in oil market, which drove Brent to $33.09 per barrel - its lowest level in 14 years – and U.S. crude futures fell to $32.77 per barrel, which is also their lowest levels since 2009.
Saudi Arabia’s Tadawul fell at open by 3.43%, after petrochemicals sector, banks and cement shed 3.8%, 3.6% and 2.7% in a row.
Dubai Financial Market also sagged 3.87% driven lower by Emaar and DIB that lost 5.2% and 4.6% respectively.
Abu Dhabi Securities Exchange (ADX) pulled back 2.4% at 12:10pm UAE time, after Aldar fell by 3.9%.
Kuwait’s stock market fell by 1.7% due to the decrease in National Ranges by 9.3% and KFH (-5%).
Qatar Stock Exchange (QSE) shed 3.18% due to the fall of major leading stocks.
Egypt bourse closed today on celebrating the Coptic New Year.
