Gulf stock markets plunged in early trade on Tuesday after oil resumed its slide on bearish comments about Opec and weak Chinese manufacturing data.
Brent crude prices fell below $60 a barrel for the first time since July 2009 as
German imports tumbled at their fastest rate in two years in April and exports fell, adding to evidence that Europe's largest economy is beginning to feel the chill from the euro zone debt crisis.
But while Germany has struggled to find bu
Saudi Arabia's bourse made its largest one-day decline in eight months on Sunday and most other regional markets also fell as investors sold off ahead of an expected drop in global markets on Monday.
The kingdom's index dropped 1.9
The Dubai Financial Market (DFM) said its net profit for the first nine months ending September 30 plunged 90 per cent to Dh7.61 million ($2.07 million) from Dh77.84 million during the same period last year.
Announcing its financial result
World stocks and the euro fell sharply on Monday as investors feared a messy Greek default within weeks unless Athens implements the austerity measures demanded by its international lenders.
International lenders told Greece on Monday that
European shares extended losses on Monday, weighed by concern major economies could be heading for a return to recession, and with banks among the biggest fallers as some faced a US lawsuit over toxic mortgage debt.
At 1355 GMT, the FTSEu
Petrochemicals stocks lead near across-the-board declines on the Saudi bourse after oil prices fall to a three-month low amid concerns Europe's debt woes will curb energy demand growth.
The all-share index was down 2.6 per cent in early tr
Dubai's index slumped to a 21-week low on Monday as nervy investors sold stocks in the absence of any concrete news on Dubai World's debt woes, while similar worries sent other Gulf Arab bourses tumbling to milestone lows.
Saudi Arabian stocks tumbled on Saturday, tracking a drop on world markets, as investors worried that an oil price fall and possible global recession would hit growth of companies in the world's top oil exporter.
The benchmark of the l
Shares of Qatar's fourth-largest lender by market value, Masraf al-Rayan, tumbled on Monday after its second-quarter profit slumped, falling far short of an analyst's forecast.
Net income in the three months ended June 30 fell to 31.08 mi