DUBAI: Abu Dhabi's bourse ended lower for a 10th consecutive session on Sunday, with Gulf markets extending declines as concerns over the euro zone crisis and unrest in Egypt and Syria weighed on investor sentiment.
Fears of Europe's debt crisis dragging on without a credible solution saw US stocks fall for a seventh straight session on Friday, leading global equity markets to their worst week in two months.
"Global concerns are coming down on retail investors no one wants to take extra risks at this time," said Marwan Shurrab, vice president and chief trader at Gulfmena Alternative Investments. The Abu Dhabi index eased 0.09 percent to its lowest close since March 2009.
Banks led the decline with Abu Dhabi Commercial Bank dropping 0.7 percent, Abu Dhabi Islamic Bank losing 1.6 percent and National Bank of Abu Dhabi shedding 1 percent.
In Saudi Arabia, petrochemical stocks dragged the index to a seven-week low, as slumping crude prices weighed on sentiment in the world's top oil exporter.
Brent crude also fell on Friday on concerns that demand for oil will be hurt by Europe's spreading debt crisis that also weakened the euro against the dollar.
Heavyweight Saudi Basic Industries Corp (SABIC) lost 0.6 percent and Sahara Petrochemical dropped 3.1 percent.
Petrochemical product prices are closely tied to oil. The kingdom's index lost 0.2 percent to end at lowest close since Oct. 5.
In Dubai, the bourse dropped 0.4 percent to a new seven-year low. Blue-chip firms weighed on the emirate's index, with Emaar Properties slipping 0.4 percent and telecom operator due losing 1.7 percent.
"Until a major catalyst emerges in the UAE markets, the condition will be the same. A lack of interest among investors has seen most stocks fall to almost 2008 lows," said Gulfmena's Shurrab.
Bourses in Kuwait, Oman, Egypt and Bahrain were closed to mark the Islamic New Year.
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