KUWAIT CITY (AFP) – Share prices in Gulf Arab states dived Sunday on the first day of trading since OPEC decided to maintain crude output, sending crude prices to five-year lows, traders said.
All the seven bourses of the Gulf Cooperation Council (GCC) states had been closed for the Friday-Saturday weekend after the OPEC decision late Thursday.
Dubai Financial Market shed more than 5.0 per cent minutes after the opening and was trading at 4,273.0 points. All stocks in the index were in the red.
The Abu Dhabi Securities Exchange was trading down 1.0 per cent at 4,753.0 points.
Kuwait Stock Exchange had dipped 2.0 per cent to 6,846.50 points, while Muscat Stock market had lost 1.8 per cent.
Qatar Exchange slumped 4.0 per cent below the 13,000-point mark less than five minutes after opening.
The Saudi bourse, the largest Arab capital market, opens later.
OPEC on Thursday maintained its output ceiling unchanged despite sliding crude prices.