Thursday, Aug 29, 2013
Dubai: Dubai’s stock market index, as well as that of Saudi Arabia, Oman and Qatar closed in positive territory yesterday after fears over the possible impact of any military strike in Syrian on their economies abated. In fact experts believe the vulnerability of Gulf states to any escalating tension is much less and in fact may lead to a big spike in crude prices, adding to their revenues.
“Our markets have seen a lot of political events and weathered storms like the Arab Spring, Tunisia, Egypt, the power succession in Saudi Arabia — this is not new,” Amer Khan, fund manager at Shuaa Asset Management in Dubai, told Reuters.
The DFM General Index was up 0.26 per cent to close at 2523.13 in a week that saw a two day plunge of 8.30 per cent amid a drop in volumes and turnover. Abu Dhabi’s shares remained flat, down 0.07 per cent to close at 3734.55.
Elsewhere in the Gulf, Saudi Arabia added 0.2 per cent, Oman’s MSM Index advanced 0.76 per cent and Qatar QE Index increased 0.75 per cent. Bahrain and Kuwait fell, retreating 0.13 per cent and 0.97 per cent respectively.
Societe Generale estimates that oil prices could surge as high as $150 per barrel, from around $115 now, if the Syrian war affects key producers such as Iraq.
By Gaurav Ghose Financial Features Editor
Gulf News 2013. All rights reserved.
