Several Gulf stock markets, led by Dubai, rose in early trade on Monday after the price of oil recovered slightly.
Brent crude climbed above $62 per barrel on Monday, after hitting 5-1/2-year lows of $60.28 earlier, as traders beg
Stock markets in the UAE and Qatar fell sharply in early trade on Sunday after the price of oil hit a new low on Friday.
The Dubai benchmark tumbled 6.5 per cent to 3,362 points, erasing all its year-to-date gains. Developer Emaar
Sliding oil prices, leverage and sheer panic have exposed the fragility of Gulf equity markets just as they are becoming mainstream destinations for international investors, said experts.
In May, MSCI upgraded Qatar and the UAE to
Dubai's stock index tumbled on Thursday, heading for its biggest daily drop in five years, after Brent crude oil dropped to a fresh five-year low.
The emirate's main index sank 7.2 per cent to 3,604 points, falling below m
Gulf stock markets steadied and some rebounded on Monday after tumbling a day earlier in response to a plunge in oil prices.
Brent crude fell nearly $2 a barrel to a five-year low below $68 in early trade on Monday but then pared
Across the Gulf, petrochemical companies' earnings are set to suffer following the deep decline in oil prices. However, heavy state spending means most firms in other sectors in the region are likely to do just fine.
Dubai's stock index fell sharply in early trade on Monday after oil prices hit a five-year low and shares in Emaar Properties went ex-dividend.
The benchmark dropped 3.7 per cent to 4,122 points, a five-month low. Most stocks
Gulf stock markets plunged on Sunday after Opec's decision to keep crude output unchanged sent oil prices tumbling at the end of last week.
Saudi Arabia's index dropped 5.3 per cent to an 11-month low minutes after opening
Shale stocks have been hard-hit as investors see margins all but evaporating following the slide in crude oil prices, but the US shale energy boom is not over.
An index of oil and gas exploration and production tumbled 8.15 per ce
Most major stock markets in the Middle East rebounded on Monday, led by bourses in Dubai and Saudi Arabia, as global equities stabilised and several companies in the region reported strong quarterly earnings.
On Sunday, some regio