Qatar Shares Lead Gulf Markets Lower on Oil, Global Stocks - Bloomberg.com

Qatar stocks dropped the most in a week, leading Gulf markets lower, as crude oil declined for a third day and global markets fell on investigations into BP Plc’s oil spill in the Gulf of Mexico.

Industries Qatar, the second-biggest petrochemicals maker in the Middle East, retreated for a third day. Abu Dhabi National Energy Co., the government-controlled utility known as Taqa, dropped to the lowest level since May 9. Qatar’s QE Index decreased 1.4 percent, the most since May 25, to 6,737.40. Abu Dhabi’s measure declined 0.1 percent and the MSCI World Index dropped for a fourth day, losing 0.6 percent.

“The market is trading on global risk aversion and global market direction,” said Matthew Wakeman, Dubai-based managing director of cash and equity linked trading at Egyptian investment bank EFG-Hermes Holding SAE. “Local news-flow is taking a back seat.”