Specialists: Saudi telecoms sector events contributed to the decline in stock
frantically selling cost the Gulf markets record losses
Gulf stock markets fell to record levels yesterday, amid feverish on sale after OPEC decision ' to keep crude production unchanged, prices of Brent crude down to $ 70.15 a barrel level, adding to the Saudi stock market, which lost 4.8 percent, Dubai stocks retreated by 4.7 per cent, and by 4.3 per cent, and 3.4 per cent, Kuwait and Abu Dhabi 2.6 per cent and 0.6 per cent, Bahrain and Muscat market losses exceeded the level of 6 per cent. Betting specialists in stock markets stabilize and rise of GCC stock markets return of oil prices to rise in the Saudi market specialists agree that the significant decline witnessed in the market today, primarily due to declines in world oil prices after OPEC decision ', the local secondary reasons relating to pressures on the market of the telecom sector, both with regard to the amendments to the financial statements for the ' mobile ' or ' zin ' reduction of its capital to extinguish the accumulated losses.
Dr. Ali TOUATI said for the ' economic ', economic analyst that the losses on the stock market, mainly due to the decision by OPEC not to cut oil production so that everyone knows where to turn, price, and what is the size of the budget deficit of countries producing and exporting oil and the possibility of return rates, all questions could not be answered because the uncertainty played a role in the loss of oil shale companies of America, the end of trading last week, where over 30 losses Cent of their value, forced it down advertising spending cuts, and the joint session held by Kuwait between the Supreme Petroleum Council and the Council of Ministers to rectify what happened to Kuwait.
He said oil prices are working and but he's not the only one, there are secondary reasons for the local stock market have affected the results, led to the losses, the impact of what happened with Mobily to Palm by its Director, as well as the Declaration of the ' zine ' reduction of capital, in addition to the ads ' accelerated ' high debt that reached twice over the capital, as well as the loss of insurance companies, all of which contributed to the market's declines, along with oil prices. For his part, Mohammed Alshomaimri ruled out financial and economic adviser spending cut in the Kingdom, as a result of lower oil prices, although earnings expected for the Kingdom in January 2008 and 2015 will be less than three years ago, when prices were good, the most important guarantee of the Kingdom and secure and not to cut spending is the net worth of $ 2 trillion, adding to foreign investment. The reserve in the month of October was 800 billion, increased to 904 billion riyals that do not exceed 3 per cent of the total output of Saudi Arabia, which means the capacity of the Government, without any pressure down economy And continued work on the infrastructure and continued spending on projects and education as a whole, indicating that the decision ' OPEC ' anticipated many of the dealers and said that her Kingdom economically, the effect is of particular importance that the production of Kingdom 9.6 barrels per day, which is 32 percent of the daily production of OPEC's daily production of up to 30 million barrels.
The factors that led to the loss of market share but declining oil prices, SABIC shares, which fell 10 per cent, notably reducing the ' zine ' for capital, which led the stock to 50 riyals, which is exacerbated by the market. Stressing the importance of not rushing and quick decisions and random, that price is still a good start ' SABIC ' and ' SABCO ' search academic supports when you point the cursor's 9,500. And expected in the fourth quarter to increase demand for the winter, where the average demand before the fourth quarter 91.5 million barrels per day, but in the winter demand up to 92.5 million barrels, which gives an indication of the potential for balance, the high profits of shipping companies due to the high price of oil transportation by 172, a profit record during this period, and this rise in prices coincides with the decline of oil prices, other than that most companies incur high losses.
The Dubai index has dropped 4.7 percent yesterday to its lowest level in six weeks, closed at 4281 points, with most of the stock. Abu Dhabi index fell 2.5 percent, DSM index 4.3 percent, with most of the stock decline also. Kuwait index slipped 3.4 percent to 6753 points, marking its lowest level since April, 2013. Oman's stock market plunged 6.2 percent to the lowest level in 14 months. Oman cement shares dropped 9.1 per cent cement 7.8 per cent, after the two companies said they will push higher prices for gas from 2015. Last week proposed a consultative organ for the Omani Government spending cuts and tax increases include charging for LNG exports to cope with the negative impact on State revenues.