ICEC

Gulf stocks hit by low oil prices

Gulf shares dropped in early trade Wednesday as a poor global market environment and fresh multi-month lows in crude oil prices weighed on sentiment.

Dubai’s index lost 1.1 percent, heading for a second straight day of declines, with heavyweight Emaar Properties dropping 2.2 percent.

In Abu Dhabi, the benchmark was dragged 0.3 percent lower mainly by the banking sector. Abu Dhabi Commercial Bank was down 2.7 percent.

Saudi Arabia’s index edged down 0.4 percent after 30 minutes of trade with three-fifths of traded shares declining.

The telecommunication sub-sector lost 0.6 percent with Saudi Telecom Co (STC) dropping 0.8 percent.

But the insurance sector, which is usually heavily traded by short-term investors, added O.4 percent. BUPA Arabia , a mid-cap medical insurer, was up 0.8 percent.

Source: Reuters

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