x Abu Dhabi, UAESunday 23 July 2017

Libya protests overshadow markets as Arabtec stocks dip

Markets Update: Regional bourses decline at the open as Middle East unrest continues. Arabtec Holding declines for the 6th consecutive day. The MSCI Asian Pacific Index has its worst performance since Janueary 20. Oil prices also surge higher - with video.

Dubai's biggest contractor declined for the sixth consecutive day, as investors exited their positions following continued civil unrest in Libya.

Arabtec Holding declined 4.6 per cent to Dh1.46 a share at 11am on the Dubai bourse, the lowest since March 2009. The Dubai Financial Market General Index declined 1.2 per cent to 1497.87.

The Abu Dhabi Securities Exchange General Index lost 0.4 per cent to 2608.89.

Uncertainty in Libya continued to trigger oil prices upwards this morning. Brent futures for April climbed up 2.3 per cent on the London-based ICE Futures Europe exchange to $108.11 a barrel, extending yesterday's 3.1 per cent jump. West Texas Intermediate oil for April rose as much as 9.8 per cent.

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Editor's Pick - Oil and gold climb amid uncertainty in the region

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Asian stocks also declined. About eight stocks declined for each that advanced on the MSCI Asia Pacific Index. The measure lost 1.8 per cent to 137.16, the worst performance since Jan 20.

Elsewhere in the region, Kuwait's bourse declined 0.5 per cent to 6394.00. Bahrain's index lost 0.3 per cent to 1465.74. Oman's index lost 0.7 per cent to 6782.36. Qatar's measure dropped 1.5 per cent to 8354.07. The Saudi Tadawul All-Share Index declined 0.5 per cent to 6298.85.