Business | Markets

Gulf markets slump after two-day rally

Stock markets in the Gulf slumped on Wednesday, ending a two-day rally.

  • Staff Report
  • Published: 11:03 October 15, 2008
  • Gulf News

  • Emaar Properties tumbled 9.88 per cent, pulling the main Dubai index to a lower close as global markets fall.
  • Image Credit: Gulf News Archive

Dubai: Gulf stock markets slumped on Wednesday, ending a two-day rally.

Emaar Properties tumbled 9.88 per cent, pulling the main Dubai index to a lower close as global markets fall. The benchmark slumped 7.44 per cent to 3,427 points.

Oman's index edged down 0.35 per cent to 7,690 points, led by Oman Oil Co and Oman Flour Mills, which came down 3.6 per cent and 6.73 per cent respectively.

Kuwait's benchmark closed 0.64 per cent lower at 11,719 points, led by Commercial Bank of Kuwait and Ahli United Bank, which went down 1.56 per cent and 1.96 per cent respectively.

Bahrain's Gulf Finance House and Bahrain Telecommunications Co slipped 4.56 per cent and 4 per cent respectively. The index slid 1.05 per cent to 2,346 points.

Abu Dhabi's index fell 2.13 per cent to 3,525 points as Emirates Telecommuncations Co and Sorouh Real Estate tumbled 2.49 per cent and 5.57 percent respectively.

Qatar's index fell 3.32 per cent to 8,098 points, led by Qatar Islamic Bank, which fell 4.58 per cent.

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