Business | Markets
Most Gulf Arab markets slip on oil, global decline
Most Gulf Arab markets fell yesterday as a sharp decline in oil prices, falling global markets and rising tensions in the Middle East dampened sentiment among investors.
- Reuters
- Published: 23:38 January 8, 2009
Dubai: Most Gulf Arab markets fell yesterday as a sharp decline in oil prices, falling global markets and rising tensions in the Middle East dampened sentiment among investors.
Kuwait's bourse extended losses into a second day after Global Investment House, the country's biggest investment bank, said it had defaulted on most of its debt.
Global slumped 6.58 per cent, adding to almost two weeks of declines as the crisis of investment firms hit by the global credit crunch widened in the Gulf Arab state.
The Kuwaiti index slipped 0.76 per cent to 7,371 points and Investment Dar closed 6.17 per cent lower."Global has been acting like this because of speculation it will go bust," said Jasem Al Zeraei, supervisor of brokerage at National Bank of Kuwait.
"There is negative outlook for 2009, the oil price, Gaza and now Lebanon being pulled into the mix," Al Zeraei said.
Oil prices closed 12 per cent down at about $42 on Wednesday, although they edged slightly higher yesterday after Israel fired artillery at Lebanon in response to rockets fired at northern Israel.
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