Middle East stock markets from Egypt to Lebanon ended in the red yesterday, taking cues from global markets, amid investor concern over Greece¿s possible exit from the euro zone and as oil fell to below US$94 a barrel.
Europe takes a toll on region's stocks
Middle East stock markets from Egypt to Lebanon ended in the red yesterday, taking cues from global markets, amid investor concern over Greece's possible exit from the euro zone and as oil fell to below US$94 a barrel.
"Europe is going back to uncertainty and Greece is putting pressure on the markets," said Fadi Al Said, a senior fund manager at ING Investment Management in Dubai. "Oil is also weighing on our regional markets, but we are still doing better than Europe."
In the UAE, the Dubai Financial Market General Index was down 0.4 per cent to 1,481.95 points, while the Abu Dhabi Securities Exchange General Index was flat at 2,473.
Oil declined 2 per cent to trade at $94.14 a barrel in New York. The Palestinian Territories' PSE Index was the only regional gainer yesterday, up 0.2 per cent to close at 462.96.
In Europe, the UK's FTSE 100 Index fell 1.8 per cent to 5,473.80 in afternoon trading and Germany's DAX lost 2 per cent to 6,446.06. The declines were ahead of a planned evening meeting in Brussels, where finance ministers were expected to discuss Greece's unravelling debt crisis and a possible bailout, Bloomberg News reported.
Kuwait's measure fell 0.2 per cent to 6,432.28. Bahrain slipped 0.2 per cent to 1,156.69. Oman fell 1.4 per cent to 5,654.32. Qatar lost 0.5 per cent to 8,489.10. Lebanon and Morocco each slipped 0.1 per cent to 1,176.88 and 1,0226.80, respectively. Egypt's EGX 30 lost 0.5 per cent to 5,053.56. Jordan fell 0.6 per cent to 1,947.92. The Saudi Tadawul All-Share Index fell 1.6 per cent to 7,067.99.
iPad users can follow our twitterfeed via Flipboard - just search for Ind_Insights on the app.