Middle East Stocks Drop As Oil Continues to Decline

09/02/2015 - 21:47 PM

Lexus of Westminster

MidEast shares fell as oil prices slumped again.

Oil futures declined 8% on Tuesday.

Mild support stemmed, though, from steadier equity markets around the world.

In company, Jabal Omar said it cancelled a 1.6 billion riyal ($427 million) contract with a construction firm because both sides needed to review it.

Saudi Telecom's (STC) CEO told Reuters on Tuesday the firm expected to spend another $1 billion in the second half of 2015 on enhancing its networks to meet surging demand for web-based services.

MidEast shares fell as oil prices slumped again.

Oil futures declined 8% on Tuesday.

Mild support stemmed, though, from steadier equity markets around the world.

In company, Jabal Omar said it cancelled a 1.6 billion riyal ($427 million) contract with a construction firm because both sides needed to review it.

Saudi Telecom's (STC) CEO told Reuters on Tuesday the firm expected to spend another $1 billion in the second half of 2015 on enhancing its networks to meet surging demand for web-based services.

El Saeed Contracting and Real Estate Investment announced a 20% bonus share issue.

Saudi Arabia's main index dropped 1% to 7,368 points, Dubai sank 2% to 3,514 points, Abu Dhabi slipped 0.5% to 4,352 points, Qatar falls 0.3% to 11,386 points, Egypt eased 0.7% to 7,150 points, Kuwait declines 0.6% to 5,763 points, Oman shed 0.9% to 5,751 points and Bahrain was flat at 1,299 points.

El Saeed Contracting and Real Estate Investment announced a 20% bonus share issue.

Saudi Arabia's main index dropped 1% to 7,368 points, Dubai sank 2% to 3,514 points, Abu Dhabi slipped 0.5% to 4,352 points, Qatar falls 0.3% to 11,386 points, Egypt eased 0.7% to 7,150 points, Kuwait declines 0.6% to 5,763 points, Oman shed 0.9% to 5,751 points and Bahrain was flat at 1,299 points.


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