Most Gulf stock markets fell further on Thursday as investors' hopes that Opec would cut oil output to boost prices waned, while Egypt's bourse rose as Cairo's government eyed savings from cheaper crude. Brent crude fell $2 to a 50-month low under $76 after Saudi Arabian Oil Minister Ali al-Naimi told reporters late on Wednesday that the Gulf's oil exporters had reached a consensus and would not propose output cuts. Opec members met in Vienna on Thursday.
"Definitely, the speech from the Saudi oil minister did not help," said Ali Adou, portfolio manager at The National Investor in Abu Dhabi. -- Egypt gains, sees savings from cheaper oil Saudi Arabia's stock market, where petrochemicals account for a large part of corporate earnings, stands to lose most from cheaper oil, but some investors fear that governments across the region may cut spending, which would have a knock-on effect on economies in general.
The main Saudi index fell 0.3 percent to 9,056 points, but closed above its intraday low of 8,956 points after Saudi Basic Industries attracted buying near a 14-month low, rebounding to close 0.6 percent higher. Some other bluechips also rebounded. Qatar's benchmark fell 1.4 percent with all but one stock in decline. Industries Qatar climbed 0.8 percent, further recovering from Tuesday's 4.0 percent drop. Abu Dhabi's index lost 0.5 percent as heavyweight lender First Gulf Bank declined 1.9 percent.
Dubai's bourse bucked the downbeat trand, rising 1.2 percent. Builder Arabtec Holding surged 6.2 percent and Emaar Properties climbed 1.9 percent. Arabtec rose after a source with knowledge of the matter told Reuters on Wednesday that its former chief executive Hasan Ismaik plans to sell his remaining 11.8 percent stake in the company, but will only offload the shares if he is paid at least 5.00 dirhams per share, a premium to its closing price of 3.97 dirhams.
Emaar, which tumbled 5.3 percent on Wednesday, rebounded ahead of November 30, which is the record date for a special dividend of 1.257 dirhams per share. Egypt's index rose 1.0 percent in a broad rally after a visiting International Monetary Fund mission said economic reforms have begun to turn the economy around after years of turmoil. Energy importer Egypt expects to spend 25 percent less than budgeted for on fuel subsidies this fiscal year due to a fall in crude oil prices, a top oil ministry official said on Thursday.
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