Gulf bourses open in the red as Japan crisis continues

Markets Update: Gulf bourses decline as Asian markets suffer second consecutive day of losses following nuclear plant explosions in Japan - with video.

Asian markets suffered a second consecutive day of losses after explosions from Japanese nuclear plants prompted investors to sell. Gulf bourses opened in the red this morning.

"Today the news of the nuclear plant has dominated the market," said Yuki Sakasai, the currency strategist at Barclays Bank in Tokyo, Japan. "When one market falls this magnitude, you think of the contagion of risk aversion in neighbouring markets," he said.

The Nikkei 225 Index is down 10.5 per cent to 8605.15 points, the measure has lost nearly 2000 points in 3 days. The Chinese Hang Seng index is down 2.9 per cent to 22652.70.

Brent crude lost 1.9 per cent to just below $112 a barrel. Prices of crude yesterday touched a two week low of $116.16.

Negative sentiment from Asia caused a sell-off on the Gulf bourses. The Dubai Financial Market General Index was trading 1.5 per cent lower to 6230.70 points at 11am. The market was down 2.5 per cent at the open. The Abu Dhabi Securities Exchange General Index was down 0.2 per cent to 2622.80 points.

Elsewhere in the region, Kuwait's measure lost 0.9 per cent to 6346.10. Oman's index lost 1.1 per cent to 6326.74. Qatar's bourse lost 1.6 per cent to 8165.76. Bahrain's benchmark gained 0.9 per cent to 1407.83. The Saudi Tadawul All-Share Index lost 1.2 per cent to 6230.70.

Published: March 15, 2011 04:00 AM


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