Gulf bourses pounded under pressure of falling oil prices

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Gulf bourses pounded under pressure of falling oil prices

On Sunday, the 28th of April 2019, a majority of the gulf stock markets had winded down the day lower, while tumbling oil prices had been dragging down the energy stocks. During the morning Sunday (April 28th) trading session in Saudi Arabia, the regional index had managed to add some early gains, however lost its direction after midday and closed the day down by 0.1 percent.

If truth is to be told, investors’ optimism was extremely hurt following a harsh tottering of crude oil price by 3 percent on Friday’s (April 26th) market closure, after Trump had again pressurized OPEC to increase oil production to slash petroleum prices.

Although the de-facto leader of OPEC, Saudi had not immediately answered to Trump’s call, but said that the country alongside United Arab Emirates would be increasing production, if there had been demands among the buyers, which significantly weighed on investors’ optimism, resulting in an underperformance of Gulf stocks on Sunday (April 28th) market.

Elsewhere in Gulf, the Dubai index had been down by 0.42 percent by the end of the day, while Abu Dhabi shed 0.21 percent. Qatar index had shredded off 0.42 percent of its earlier gains and Kuwait index was plunged by 1.35 percent.

Meanwhile, Bahrain and Oman, both fell on increasing weakness of the financials and energy stocks, rounded off the day down by 0.1 and 0.3 percent respectively.