Gulf stocks hit by fresh lows in oil prices

Gulf shares fell in early trade on Wednesday as a poor global market environment and fresh multi-month lows in crude oil prices weighed on sentiment.

Dubai’s index lost 1.1 per cent, heading for a second straight day of declines, with heavyweight Emaar Properties dropping 2.2 per cent.

In Abu Dhabi, the benchmark was dragged 0.3 per cent lower mainly by the banking sector. Abu Dhabi Commercial Bank was down 2.7 per cent.

Saudi Arabia’s index edged down 0.4 per cent after 30 minutes of trade with three-fifths of traded shares declining.

The telecommunication sub-sector lost 0.6 per cent with Saudi Telecom dropping 0.8 per cent.

But the insurance sector, which is usually heavily traded by short-term investors, added O.4 per cent. Bupa Arabia, a mid-cap medical insurer, was up 0.8 per cent.

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