Shares across the Arabian Gulf resumed their downward trajectory on Wednesday, as oil and Asian equities once again opened in the red.
Headline indexes in Dubai and Abu Dhabi erased Tuesday's strong gains, ending down 4.6 and 3.1 per cent, respectively. Saudi Arabia's Tadawul finished 4.9 per cent lower. The Qatar Stock Exchange, which enjoyed its best performance in more than a year on Tuesday, closed 3.3 per cent lower.
Oil prices also resumed their slide as the International Energy Agency warned that markets would remain oversupplied until late this year. Brent crude futures, which traded just below US$30 on Tuesday, retreated to around $28 mark late afternoon on Wednesday.
Concerns over a slowdown in China again dragged down global equities. It drove Hong Kong’s share index to three-year lows, with Japan’s Topix entering a bear market.
European markets opened sharply lower, with France’s Cac 40 and Germany’s Dax down 3 per cent.
Dubai Investments and Arabtec Holding were among the worst affected stocks in Dubai, closing down 9.4 and 7.6 per cent, respectively. The Abu Dhabi bellwether FGB fell 5.4 per cent to Dh10.35, while Aldar Properties closed off 3.4 per cent at Dh1.96.
jeverington@thenational.ae
Follow The National's Business section on Twitter
