Gulf stock markets down on global recession fears

Dubai: Stock markets in the Gulf region traded lower on Thursday, taking a cue from global markets that plunged on fears of a deep global recession.

The Dubai Financial Market plunged 4.2 per cent to below the 2,800-point mark.

Abu Dhabi Securities Exchange was down 2.5 per cent.

Kuwait Stock Exchange, the second biggest Arab bourse, dropped 0.8 per cent despite a new government plan to help investment firms.

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

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