Gulf stock markets fall on oil, IQ leads Qatar down

Gulf stock markets edged lower early Wednesday after oil prices slid and Asian bourses dropped sharply following a sizeable fall on Wall Street. Qatar was hit hardest as petrochemical producer Industries Qatar tumbled.

Dubai’s index fell 1.1 percent in the opening 45 minutes as Emaar Properties dropped 2.7 percent.

Courier firm Aramex edged down 0.3 percent after reporting a 36 percent fall in fourth-quarter net profit to 57.6 million dirhams ($15.7 million); SICO Bahrain had forecast 97.6 million dirhams.

Abu Dhabi fell 0.5 percent in a broad-based decline although Waha Capital rose 1.6 percent in unusually heavy trade.

Qatar’s index sank 2.4 percent as Industries Qatar, the most heavily traded stock, dropped 4.8 percent. A major petrochemical and steel producer, it is exposed to both oil prices and infrastructure spending in the Gulf, which is slowing because of governments’ austerity policies.

Gulf International Services plunged 10 percent after it swung to a net loss of 20.9 million riyals ($5.6 million) in the fourth quarter; QNB Financial Services had forecast a profit of 278.9 million riyals.

Source: Reuters