Gulf stock markets rose on Sunday despite oil's weakness as Saudi Arabia's plan to maintain government spending at a high level boosted investor confidence.
The Saudi government released a 2015 state budget last Thursday t
Gulf stock markets may consolidate on Sunday, with positive news on Saudi Arabia's budget now largely factored in and the Brent oil price back below $60 a barrel.
Markets rose on Thursday after Riyadh released a 2015 state bud
Wall Street was generally calmer in 2014 than in previous years, but that doesn't mean the stock market was devoid of drama.
Big selloffs in biotechnology and social media stocks had strategists predicting doom in the spring,
Several Gulf stock markets, led by Dubai, rose in early trade on Monday after the price of oil recovered slightly.
Brent crude climbed above $62 per barrel on Monday, after hitting 5-1/2-year lows of $60.28 earlier, as traders beg
Stock markets in the UAE and Qatar fell sharply in early trade on Sunday after the price of oil hit a new low on Friday.
The Dubai benchmark tumbled 6.5 per cent to 3,362 points, erasing all its year-to-date gains. Developer Emaar
Sliding oil prices, leverage and sheer panic have exposed the fragility of Gulf equity markets just as they are becoming mainstream destinations for international investors, said experts.
In May, MSCI upgraded Qatar and the UAE to
Dubai's stock index tumbled on Thursday, heading for its biggest daily drop in five years, after Brent crude oil dropped to a fresh five-year low.
The emirate's main index sank 7.2 per cent to 3,604 points, falling below m
Gulf stock markets steadied and some rebounded on Monday after tumbling a day earlier in response to a plunge in oil prices.
Brent crude fell nearly $2 a barrel to a five-year low below $68 in early trade on Monday but then pared
Across the Gulf, petrochemical companies' earnings are set to suffer following the deep decline in oil prices. However, heavy state spending means most firms in other sectors in the region are likely to do just fine.
Dubai's stock index fell sharply in early trade on Monday after oil prices hit a five-year low and shares in Emaar Properties went ex-dividend.
The benchmark dropped 3.7 per cent to 4,122 points, a five-month low. Most stocks