With Facebook opening days of protest pages for Saudi Arabia and even for Qatar, news that two have been killed in protests in Oman sent Gulf stock markets tumbling on Sunday with the Tadawul down five per cent to 5,950, the lowest since June 6th.
The Dubai Financial Market closed at a new low, down 0.9 per cent, despite an initial 1.9 per cent gain on Sunday. Traders blamed low volumes and continued concerns about events in Libya and spreading unrest in the Arab world, with the only nation now not reporting trouble the United Arab Emirates where stocks in Abu Dhabi posted a rise of 0.6 per cent.
In Oman police fired tear gas at stone-throwing protesters in the industrial city of Sohar causing two deaths, according to Reuters, with demonstrations also taking place in the southern town of Salalah. Last week British Prime MInister David Cameron visited Oman thought to be among the most stable of the Gulf States.
With events now highly unpredictable traders expect continued pressure to the downside in Gulf stock markets next week. These are worrying times for the region and oil prices look set to move higher as doubts over the internal stability of the region mount.
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