Arabian Gulf shares record worst day of 2017

Shares in the Arabian Gulf had their worst day of the year on Sunday, on the market’s first day of trading since the decline of oil prices below US$50 a barrel last week.

Bloomberg’s GCC 200 Index ended the day down 1.0 per cent, as energy stocks plunged across the region.

Kuwaiti equities were hit the hardest, with National Petroleum Services plunging 6.8 per cent. The country’s headline index fell by 2.8 per cent, its worst one -day performance in 15 months.

In Saudi Arabia, the Tadawul closed 1.0 per cent lower, with petrochemicals conglomerate Sabic falling 1.2 per cent.

The Dubai Financial Market General Index closed down 1 per cent at 3,384.05, dragged lower by Arabtec Holding. Shares in the company, which will launch a Dh1.5 billion rights issue next week, fell 9 per cent to 75.5 fils, their lowest level since late-2011.

Fellow construction firm Drake and Scull International fell 9.9 per cent to 39.9 fils, after shareholders refused to subscribe to a Dh500 million rights issue and approved a massive reduction of paid-up share capital.

Dubai Investments closed 1.9 per cent lower after reporting a 3 per cent drop in quarterly profits.

Emaar Malls was one of just four gainers, rising 0.8 per cent after its profits for the first three months of the year came in ahead of estimates.

The Abu Dhabi Securities Exchange General Index closed down 1 per cent at 4,570.24, with heavyweights First Abu Dhabi Bank and Etisalat leading stocks lower.

Abu Dhabi National Energy and Dana Gas followed their regional energy peers lower, closing off 3.4 per cent and 4.6 per cent, respectively.

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