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

Reuters/Dubai
Filed on January 21, 2016 | Last updated on January 21, 2016 at 06.21 am
Gulf shares hit by fresh sell-off, Saudi stocks fall 5%

Riyadh's index sank five per cent to 5,460 points, the lowest close since March 2011.


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 5,460 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 5,460 points.

EGYPT

* The index tumbled 5.3 per cent to 5,777 points.

DUBAI

* The index slumped 4.6 per cent to 2,639 points.

ABU DHABI

The index fell 3.1 per cent to 3,768 points.

QATAR

* The index retreated 3.3 per cent to 8,689 points.

OMAN

* The index declined 1.8 per cent to 4,891 points.

KUWAIT

* The index traded down 2.0 per cent to 4,985 points.

BAHRAIN

* The index slid 0.6 per cent to 1,168 points.

(Editing by Andrew Torchia and Catherine Evans)





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