Qatar Latest Bear in Gulf Selloff as OPEC Output Cut Unlikely - Bloomberg

Qatar Latest Bear in Gulf Selloff as OPEC Output Cut Unlikely - Bloomberg:



"Qatar’s stock index became the fifth in the region to enter a bear market yesterday amid plunging oil, as a member of OPEC said the group will stand by its decision not to cut crude output even if prices fall to $40 a barrel.



The QE Index (DSM) slumped 5.9 percent, the most since 2009, to 11,114.43, bringing its decline since a peak in September to 23 percent. Abu Dhabi’s ADX General Index fell 3.6 percent to 4,209.75, less than 10 points away from entering a bear market. Dubai’s DFM General Index slid the most since October 2008. 




Shares in Qatar followed gauges in Saudi Arabia, Dubai, Kuwait and Oman into a bear market as Brent crude heads for its worst year since 2008. The Organization of Petroleum Exporting Countries will wait at least three months before considering an emergency meeting, Suhail Al-Mazrouei, the United Arab Emirates’ energy minister, said yesterday."



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