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Oil sinks Gulf markets; Dubai down 7.4pc DUBAI: Gulf stock markets fell sharply on Thursday as panic selling spread across the region after oil dropped to a fresh five-year low; Dubai's main index sank 7.4 percent, its biggest daily loss in six years.Brent crude tumbled on Wednesday to $63.56 per barrel on comments by Saudi Arabia's oil minister again implying that Riyadh would make no output cut to support prices. It ticked up early on Thursday but was still trading below $65 when most markets in the region closed.Dubai's index slid to 3,595 points, breaking major technical support at 3,731 points, the July trough, and hitting its lowest level since January. There is no major chart support left in the vicinity.Many economists and fund managers think cheap oil will not hurt the big Gulf economies much, since governments have built up huge fiscal reserves which they can use to keep spending high for many years even if ...

Gulf stocks slump after oil dives to new lows KUWAIT CITY: Dubai shares suffered one of their biggest one-day losses Thursday as stock markets across the energy-rich Gulf fell sharply after oil prices dived to new lows.The Dubai Financial Market Index tumbled 7.4 percent to close at 3,594.95 points, a 10-month low."It's a panic sell-off across all Gulf markets which are highly sensitive to developments in the oil market," said Mohammad Zidan, chief market strategist at Kuwait-based brokerage firm Orbex."The fear that Gulf states ...
Dubai posts biggest drop in six years as oil slides DUBAI: Dubai's stock index posted its biggest daily drop in six years on Thursday and Abu Dhabi's loss was the worst in five years as panic selling spread across the Gulf after oil dropped to a fresh five-year low.The Dubai index sank 7.4 percent to 3,595 points, falling below major technical support at 3,731 points, its July trough, and hitting its lowest level since January.The main index in Abu Dhabi tumbled 4.7 percent. Oman's bourse ...
Dubai sinks, panic selling spreads across Gulf mkts DUBAI: 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 percent to 3,604 points, falling below major technical support at 3,731 points, its July trough. Other Gulf markets were also bleeding. The main index in Abu Dhabi dropped 3.7 percent, Qatar was down 3.5 percent, Oman fell 2.8 percent and Kuwait slid 1.6 ...
Oil below $65 may drag markets further down DUBAI: A new milestone low for the oil price looks likely to reinforce the bearish mood among equity investors in the Gulf on Thursday. Brent crude tumbled on Wednesday to a fresh five-year low of $63.56 per barrel on comments by Saudi Arabia's oil minister again implying that Riyadh would make no output cut. It ticked up early on Thursday but still traded below $65. Gulf stock markets have displayed a strong correlation with oil ...
Dubai tumbles 3.6pc after oil hits new low DUBAI: Dubai's stock index fell sharply in early trade on Thursday after Brent crude oil dropped to a fresh five-year low. The emirate's main index sank 3.6 percent to 3,744 points. It has important technical support at 3,731 points, its July trough. Heavyweight Emaar Properties tumbled 5.8 percent and most other stocks were deep in the red. The main index in Abu Dhabi, whose investor base overlaps that of Dubai, dropped 2.1 percent. The price ...
Most Gulf markets stabilise; Saudi extends drop DUBAI: Most stock markets in the Gulf stabilised on Wednesday after falling sharply earlier in the week in response to oil's slide, but Saudi Arabia's equities index dropped again, wiping out the remainder of its gains this year.Brent crude held near $66 a barrel until most bourses in the region closed on Wednesday, but then fell further as producers forecast lower demand for their oil next year.Saudi Arabia's stock market, which closes later than others ...

 



 
Index Closing Chg%
Arrow DJIA 17,804.80 0.15
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyOctober
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln