Gulf shares mostly lower on gloomy forecast

KUWAIT CITY - Gulf stock markets were mostly lower on Sunday amid gloomy forecasts for the energy-rich region as oil prices continued to slide, raising the prospects of public spending cuts.

By (AFP)

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Published: Sun 14 Dec 2008, 10:15 PM

Last updated: Sun 5 Apr 2015, 12:09 PM

Five of the seven bourses in the six-nation Gulf Cooperation Council dropped on Sunday, the first day of the week except in Saudi Arabia, which starts trading on Saturday.

The Saudi Tadawul All-Shares Index (TASI) was trading down 0.5 percent above the 4,800-point mark at midday after rising more than four percent on the first session after a long Eid al-Adha holiday.

TASI, the largest Arab market, was pulled down by the main sectors: banking, petrochemicals and telecoms, which all dropped. Only the market leader SABIC was one percent higher.

Kuwait Stock Exchange, the second largest bourse in the region, ended trading almost flat, below the key 9,000-point mark, falling just 4.8 points after rising in initial trades.

The market was expected to make handsome gains after the government said a special fund worth 1.5 billion dinars (5.5 billion dollars) would start buying stocks on the market from Sunday.

The KSE was apparently negatively affected by news of the emir accepting the government resignation that came just before the market closed.


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