Gulf stocks open flat as impact of Dubai debt crisis eases

KUWAIT CITY: Gulf stock markets opened flat yesterday after days of heavy losses as the initial shock waves from the Dubai debt crisis appear to have subsided, traders said.

MONITORING: Bahraini traders following the market’s movement at the Stock Exchange in Manama on Wednesday. Gulf stock markets steadied after heavy losses in the previous two days, with investors hesitant to trade pending further information on Dubai’s plans to sort out its debt crisis. — AFP photo

MONITORING: Bahraini traders following the market’s movement at the Stock Exchange in Manama on Wednesday. Gulf stock markets steadied after heavy losses in the previous two days, with investors hesitant to trade pending further information on Dubai’s plans to sort out its debt crisis. — AFP photo

The three Gulf bourses open for the day all made slight gains.

Qatar’s Doha Securities Market gained one percent to rally above the 7,000-point barrier minutes after the start of trading. It was trading at 7,018.90 points, spurred by the banking sector.

The DSM added 5.3 per cent on Wednesday, a day after shedding  a  massive 8.3 per cent on fears that local companies could be exposed to  Dubai  debt  crisis.

The Kuwait Stock Exchange, the second largest in the Arab world, was up just 0.08 per cent after fluctuating sharply. The KSE Index lost 2.7 per cent and 1.4 per cent, respectively, in the past two days.

The tiny Bahrain Stock Exchange was up 0.37 per cent after dropping slightly on Wednesday.

The two United Arab Emirates markets of Dubai and Abu Dhabi are closed for the second day on a national holiday, while the Saudi market, the largest Arab bourse, and Oman remain shut for the Muslim Eid al-Adha holidays. — AFP

What do you think of this story?
  • Angry (0%)
  • Sad (0%)
  • Nothing (0%)
  • Interesting (0%)
  • Great (0%)

 

Affiliates

 

Supplement Downloads

Member of