World Economy

Stock Sell-Off in UAE, Qatar

Stock Sell-Off  in UAE, QatarStock Sell-Off  in UAE, Qatar

Persian Gulf Arab markets fell in early trade on Sunday as the oil price slump fuelled a broad stock sell-off, Arabian Business reported. Brent crude posted its biggest weekly percentage drop in over a year on Friday to settle at $37.93 after the International Energy Agency warned that global oversupply of crude could worsen next year. Qatar’s stock index tumbled 3.8%, taking its losses for the year to 21.7%, underperforming the MSCI emerging market index which is down 19% in 2015. Financial sector heavyweights Masraf Al Rayan and Qatar National Bank declined 4.8 and 2.3% respectively. Dubai’s bourse fell 1.6%. It is down 23.2% in 2015, making it the worst performing Persian Gulf Arab market index this year. Losers outnumbered gainers 19 to three. Blue-chips Emaar Properties and Dubai Islamic Bank dropped 3 and 2.5% respectively, while Emirates NBD–Dubai’s largest bank by market value–rose 2.7% as 7,000 shares were traded to ease the main benchmark’s losses. Abu Dhabi’s index dropped 1.8% as blue-chips tugged the index lower.