Stocks across the Arabian Gulf fell sharply on Sunday in response to Friday’s drop in oil prices.
Brent crude futures fell nearly a dollar per barrel to US$38.67 on Friday after Saudi Arabia's deputy crown prince, Mohammed bin Salman, said that his country would freeze its oil production at current levels only if Iran pledged to do the same.
Saudi Arabia’s headline share index fell by as much as 2.5 per cent on Sunday on his remarks, closing down 1.6 per cent.
“The correction was directly linked to the remarks made on Friday, linking a freeze on oil production to a similar step by Iran, something that’s not realistic,” said Sebastien Henin, the head of asset management at The National Investor in Abu Dhabi.
Shares in Dubai suffered their worst one-day fall in more than a month, ending 1.5 per cent lower at 3,303.23, dragged down by big names including Emaar Properties, Emirates NBD and DIB.
Abu Dhabi's headline index ended the day down 0.6 per cent at 4,360.19.
Shares in Abu Dhabi National Energy, known as Taqa, were among the capital’s worst performers, losing 6.1 per cent at 46 fils apiece.
jeverington@thenational.ae
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