DUBAI: Tadawal and Gulf markets plunged on low oil prices as Tadawul All-Share Index slipped 0.3 percent to 9,439 points, giving back some of the previous day’s 2.3 percent gain.
Dubai and Egypt fell ahead of a new dual listing on both markets by Orascom Construction and other Gulf stock exchanges were also weak after an oil rally stuttered.
Brent crude, which surged at the end of last week, was nearly flat by 1000 GMT when most Gulf markets closed, with an oversupply continuing to weigh on the market despite data showing Japan had pulled out of recession.
But crude edged up later in the day after Kuwait’s oil minister said lower supply levels would support prices in the second half of the year.
Saudi Electricity Company, which surged its daily 10 percent limit on Sunday, tumbled 7.1 percent and was the main drag on the Kingdom’s benchmark.
Methanol Chemicals Company fell 2.2 percent after posting a 55 percent drop in fourth-quarter profit and proposing no cash dividend for 2014.
Eastern Province Cement tumbled 8.0 percent after proposing a SR2.50 cash dividend for 2014, down from SR3.50 a year earlier.
