x Abu Dhabi, UAESaturday 22 July 2017

Gulf markets struggle as oil prices drop

Markets Update: UAE markets and big name local stocks have a tough morning as oil prices fall. Watch video

How the ADX closed on September 26, 2011.
How the ADX closed on September 26, 2011.

As oil prices dropped on fears of a worsened economic outlook and a worsening European debt crisis UAE stock markets declined for the second day this week.

Aldar Properties was down 0.8 per cent to Dh1.17 a share. Waha Capital lost 1.5 per cent to 62 fils. The Abu Dhabi Securities Exchange General Index was down 0.2 per cent to 2532.20 points.

Brent crude futures fell more than $2 to $101.81 at 11am.

"We're watching oil prices closely," said Marwan Shurrab, the chief trader at Gulfmena Investments in Dubai. "There's a lot of negative sentiment in the air, local markets are waiting to see how Europe opens up.

The Dubai Financial Market General Index was 0.07 to 1445.59 points.

Elsewhere in the region, Kuwait's index was little changed at 5851.90 points. Bahrain's index was unchanged at 1221.73 points. Oman's index was down 0.1 per cent to 5655.17 points. Qatar's index was down 0.3 per cent to 8375.96 points. The Saudi Tadawul All-Share index was down 0.9 per cent to 6083.37 points.

 

halsayegh@thenational.ae