Sliding crude dents Gulf equity indices

Dubai: Brent crude, which fell below $55 per barrel on Monday, triggered another bout of widespread selling in Gulf’s equity markets.

The Dubai Financial Market General Index ended down 3.35 per cent at 3,565.56, making it the top most loser in the region.

Saudi’s Tadawul All Share TASI index also ended down 2.99 per cent at 8,106.80 after Crown Prince Salman Bin Abdul Aziz Al Saud offered assurances at a cabinet meeting on Monday about the health of King Abdullah, who was hospitalised last week. Saudi Arabia is the biggest exporter of crude oil.

Brent crude futures slid as much as 2.8 per cent in London, extending a loss of 5.1 per cent last week. Brent slumped 48 per cent last year, the most since the 2008 financial crisis, as Opec resisted calls to cut output amid a battle with US shale producers for market share.

Elsewhere in the Gulf, the Abu Dhabi Securities Exchange General Index ended down 0.47 per cent at 4,429.79, while Qatar Exchange Index ended 1.91 per cent lower.

Muscat Securities MSM 30 Index ended 0.66 per cent lower at 6,311.77, and Bahrain Bourse All Share Index ended 0.31 per cent lower at 1,422.13.