Middle-east Arab News Opinion | Asharq Al-awsat

Gulf Stocks Down on Global Recession Fears - ASHARQ AL-AWSAT English Archive
Select Page

DUBAI (AFP) – Stock markets in the oil-rich Gulf region traded lower on Thursday as they followed global markets which plunged on fears of a deep global recession.

In the United Arab Emirates, the Dubai Financial Market plunged 4.2 percent to below the 2,800-point mark as market leader, property giant Emaar dived 5.7 percent.

Fellow UAE market, Abu Dhabi Securities Exchange, was down 2.5 percent as the key real estate sector shed 4.7 percent and banks lost 2.7 percent.

Kuwait Stock Exchange, the second biggest Arab bourse, dropped 0.8 percent despite a new government plan to help investment firms which have been struggling to pay their debt estimated at 20 billion dollars.

Doha Securities Market was down 2.1 percent while the small Muscat Securities Market dropped 1.6 percent. Bahrain Stock Market lost just 0.16 percent.

The Saudi stock market, the biggest in the Arab world, is closed on Thursday. It ended trading Wednesday up 10 percent on the week but was down 45 percent since the start of the year.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

More Posts

Follow Me:
FacebookGoogle PlusYouTube