Gulf stock markets open lower on Wednesday after two-day rally

Dubai: Stock markets the Gulf opened lower on Wednesday following two days of rally.

The Dubai Financial Market opened two per cent lower as the market leader, real estate developer Emaar, shed three per cent.

The Abu Dhabi Securities Exchange opened down 0.6 per cent as the key real estate sector dropped 4.5 per cent.

The smaller Muscat Securities Market opened down 1.5 per cent.

The Kuwait Stock Exchange, the second largest Arab bourse, opened down slightly after rising the previous day following eight sessions in the red.

The KSE Index dropped just 0.25 per cent and was still trading above the 11,000-point mark.

The markets were also affected by a drop in oil prices, the main source of income for the region. New York main contract fell below 70 dollars on Wednesday.