Dubai Financial Market back on the slide as Asia, oil resume dip

Shares across the Arabian Gulf resumed their downward trajectory this morning after Tuesday’s mini recovery, as oil and Asian equities once again opened in the red.

The Dubai Financial Market General Index fell by more than 3 per cent at the open, while Abu Dhabi’s headline index drifted 1 per cent lower.

The Qatar Exchange, which enjoyed its best performance in over a year on Tuesday, opened 2.1 per cent lower.

Oil prices resumed their slide after Tuesday’s brief gains, with Brent crude futures falling back towards the $28 a barrel mark.

Concerns over China’s economic growth drove Hong Kong’s share index to new three year lows, with Japan’s Topix entering a bear market.

Dubai Investment and Dubai Islamic Bank were among the worst affected stocks in Dubai this morning, shedding 5.3 per cent and 4.16 per cent respectively.

Gulf Navigation was the sole gainer in the first hour of trading, as the company approved a Dh92 million convertible bond programme, and appointed Abu Dhabi Financial Group chief executive Jassim Alseddiqi to its board.

The shipping firm’s shares were up over 4 per cent at around 60 fils a piece.

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