29 Mar 2024
Tuesday 26 November 2013 - 16:15
Story Code : 67262

Persian gulf stocks ease as oil slides on Iran deal

Persian gulf stocks ease as oil slides on Iran deal
TEHRAN (FNA)- Most Persian Gulf bourses fell on Monday as oil markets reacted to the breakthrough nuclear deal between Iran and world powers, which caused the price of Brent crude to slip 1.8 percent.


Persian Gulf oil exporters, Saudi Arabia in particular, have profited from tightness in the oil market caused by the sanctions against Iran. So fears of a supply increase from Iran triggered profit-taking in regional stock markets, said Marwan Shurrab, fund manager and head of trading at Vision Investments, Reuters reported.

The indexes in Saudi Arabia and Kuwait both fell 0.5 percent; all Persian Gulf markets dropped except Qatar.

EGYPT DROPS

Egypt's index posted its biggest daily loss since Oct. 28, falling 1.2 percent and continuing a decline triggered by a series of deadly political clashes last week.

Late on Sunday, the army-backed government passed a law making it illegal to hold demonstrations without the approval of the police and banning protests in places of worship, a move rights groups condemned as a blow to political freedom.

In another move that caused unease, the Cairo government on Monday suspended rice exports, less than a week after issuing licences to sell the grain abroad.

Meanwhile, Dubai's index declined 0.3 percent as it continued to trade in a narrow band just below the major resistance level of 2,900 points days ahead of the Nov. 27 decision on whether it will host the Expo 2020 world fair.

The emirate hopes that by winning its bid, it will be able to boost economic growth and solidify its status as a regional hub for trade, logistics, travel and tourism.

MONDAY'S HIGHLIGHTS

SAUDI ARABIA

* The index fell 0.5 percent to 8,347 points.

QATAR

* The index rose 0.2 percent to 10,341 points.

EGYPT

* The index fell 1.2 percent to 6,356 points.

DUBAI

* The index fell 0.3 percent to 2,869 points.

ABU DHABI

* The index slipped 0.2 percent to 3,815 points.

BAHRAIN

* The index fell 0.3 percent to 1,194 points.

OMAN

* The index slid 0.2 percent to 6,752 points.

KUWAIT

* The index fell 0.5 percent to 7,837 points.

By Fars News Agency

 

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