Mideast Stocks Drop as OPEC Decision Signals No End to Oil Rout - Bloomberg Business

Mideast Stocks Drop as OPEC Decision Signals No End to Oil Rout - Bloomberg Business:

"Dubai stocks fell to a three-week low, leading declines in most Middle Eastern markets, after OPEC decided to forgo an output reduction that might have propped up oil prices and eased the pressure on the region’s export revenues. Abu Dhabi equities dropped the most in a week.
Shares in the Middle East are catching up with Friday’s losses across emerging markets after the Organization of Petroleum Exporting Countries kept production at about 31.5 million barrels a day, amid a glut in global oil supply.
“The market is going to continue to see some selling pressure this week” as OPEC’s decision will continue to damp sentiment, said Saleem Khokhar, who manages about $2.5 billion as head of equities at the asset management group of National Bank of Abu Dhabi PJSC, the U.A.E.’s biggest bank. “The banking sector has been pretty aggressively sold, so we do see some real value there, although take on board it’s going to be a soft economy next year.”"



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