Wednesday 31 December 2014

MIDEAST STOCKS-Background remains bleak for Gulf markets | Reuters

MIDEAST STOCKS-Background remains bleak for Gulf markets | Reuters:



"Gulf stock markets may consolidate with a weak tone on Wednesday after sharp drops in the previous session as weak oil, poor Chinese manufacturing data and the holiday lull dampen investor sentiment.



Brent crude oil is edging down towards $57.0 a barrel on Wednesday after China's factory sector shrank for the first time in seven months in December.



Oil's drop to a new 5-1/2-year low on Tuesday prompted a fresh sell-off on Gulf bourses. Saudi Arabia's main stock index tumbled 4.2 percent and Dubai lost 5.4 percent."



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