Tadawul index falls below 8,000 points

16/12/2014 06:33 AST

Most Middle East stock markets became more stable on Monday, after plunging in previous days, as the price of oil recovered slightly. But fund managers said it was by no means clear that any sustained recovery of stock prices was starting.

Brent crude climbed above $62 per barrel, after hitting 5-1/2-year lows of $60.28 earlier, as traders began pricing in expectations of improving global manufacturing data to be published later this week.

Dubai's stock index inched up 0.1 percent to 3,325 points as most shares in the emirate gained. The market rose as much as 4.8 percent during the day before giving up almost all those gains by the end of the session.

The Dubai index had tumbled 14.4 percent in the two previous sessions as oil's plunge triggered panic selling. With the outlook for oil still uncertain, very few people are willing to call a bottom for Gulf stock markets.

"It's just a normal technical rebound, there's nothing more at this stage," Sebastien Henin, head of asset management at The National Investor in Abu Dhabi, said of Monday's equity market trading. "It is not a game changer."

Abu Dhabi and Oman also gave up all their intra-day gains and closed down 0.7 percent and 0.9 percent respectively. Renaissance Services, which provides services to the oil and gas sector, was the biggest loser in Muscat, tumbling 8.8 percent.


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