Stocks in Persian Gulf markets lose in value as oil prices plummet

Stock prices in Persian Gulf states’ markets have taken a nosedive due to a massive market sell-off triggered by falling oil prices.

According to an AFP report on Sunday, stock markets in Saudi Arabia and Dubai topped the list of Persian Gulf bourses where stocks lost in value.

The Tadawul All-Shares Index in Riyadh, the Gulf's leading market, lost 549.51 points or 6.86 percent to close at 7,463.32 points.

Saudi Arabia’s petrochemicals industry stocks also lost 7.94 percent of their value, while the real estate sector tumbled 9.50 percent.

In Dubai, the leading DFM Index fell 6.96 percent to close at 3,451.48 points.

Meanwhile, the Dubai-based real estate developer, Emaar Properties, lost 8.31 percent in stocks value while Arabtec Construction, another market leader, dropped 9.6 percent.

During the same day, the Abu Dhabi Securities Exchange lost five percent, while Qatar Exchange, the second largest stock market in the Persian Gulf states, shed almost 5.3 percent.

The Kuwait Stock Exchange tumbled 2.36 percent, while securities markets in Muscat and Bahrain lost 2.94 percent and 0.37 percent, respectively.

The dramatic fall in stock prices across the region came after oil prices slid to new lows during Friday trade, with New York's light sweet crude falling to USD 40.04 per barrel, the lowest level since March 2009.

Global stock markets also witnessed heavy losses on Friday, as China's economic woes triggered European and Wall Street equity sell-offs and stirred up fears for global growth.

Press TV’s website can also be accessed at the following alternate addresses:

www.presstv.co.uk