UAE Stocks Sink on Oil Slide
World Economy

UAE Stocks Sink on Oil Slide

United Arab Emirates stock markets slid in early trade on Sunday in response to further weakness in oil prices and the decision by Fitch Ratings to cut its outlook for Saudi Arabia’s debt because of cheap oil.
The main stock index in Dubai, the region’s most volatile market, tumbled 4% to 3,563 points, hitting a four-month low. It has no major technical support left before the March low of 3,233 points. Abu Dhabi’s index sank 1.4%, Reuters reported.
Among major losers, Dubai’s largest property firm, Emaar Properties, fell 5.9% and Abu Dhabi’s biggest developer, Aldar Properties, dropped 4.4%.
US oil traded below $40 a barrel on Friday for the first time since the 2009 financial crisis, while Fitch lowered its outlook for Saudi Arabia to “negative” from “stable”.
With a relatively diversified economy and strong government finances, the UAE is better placed than most Persian Gulf Arab economies to ride out an era of cheap oil.
But investors are concerned that a further plunge in the Saudi stock market and slowing growth there could have an impact on asset prices around the region.


Short URL : https://goo.gl/yhyK1P
  1. https://goo.gl/IC6vAY
  • https://goo.gl/1xEtvC
  • https://goo.gl/a0POu5
  • https://goo.gl/IGH1bw
  • https://goo.gl/pybW0p

You can also read ...

Debt to GDP ratios across the OECD averaged 73% last year and its members are set to borrow $14.67 trillion from the markets this year.
The world economy is at risk from a rising tide of government...
US has accused ABLV of money laundering and breaching  sanctions on North Korea.
The European Central Bank said Saturday it has determined that...
S&P Ups Russia to Investment Grade
Russia received a long-awaited upgrade to its sovereign rating...
China’s Geely Buys $9 Billion Daimler Stake
The founder of Zhejiang Geely Holding Group Co. has...
Mexico Hosts 39 Million Tourists, Earns $21 Billion
Mexico saw record revenues from international tourism in 2017...
Thorny issues such as content rules for  cars remain unsolved.
It’s looking increasingly likely Nafta talks will extend...
Peru Deficit Narrows
Peru had a current account deficit of 1.3% of the gross...
Manafort Indictment Spells Trouble for Bankers
Recently filed federal charges against President Donald Trump’...