Xinhua, Dubai :
Stock indices from Kuwait to Oman retreated Wednesday following a gloomy outlook for the Eurozone and new political stalemate in the United States following Congressional mid-term elections.
The Dubai financial market general index lost the most in the region, ending down 3.26 percent at 4,400.80 points, a three-week low. In Riyadh, the Saudi Tadawul All-Share index fell by 1.60 percent to close at 9,628.84 points.
Investors reacted to the announcement made by the Euro commission late Tuesday that it slashed the economic growth forecast for the 18-member state Eurozone to below 0.8 percent from 1.2 percent in 2014.
In addition, the victory of the oppositional Republican Party in the United States in the mid-term elections to congress on Tuesday signaled a new political stalemate in the world’s biggest economy.
Despite ongoing turmoil in the region like in Iraq, Syria, Lebanon, Yemen and Libya, oil prices declined further as a reaction to news from the West on Wednesday, jeopardizing state revenues in the six Arab GCC (Gulf Cooperation Council) countries around Saudi Arabia which are mostly major oil suppliers.
Stock indices from Kuwait to Oman retreated Wednesday following a gloomy outlook for the Eurozone and new political stalemate in the United States following Congressional mid-term elections.
The Dubai financial market general index lost the most in the region, ending down 3.26 percent at 4,400.80 points, a three-week low. In Riyadh, the Saudi Tadawul All-Share index fell by 1.60 percent to close at 9,628.84 points.
Investors reacted to the announcement made by the Euro commission late Tuesday that it slashed the economic growth forecast for the 18-member state Eurozone to below 0.8 percent from 1.2 percent in 2014.
In addition, the victory of the oppositional Republican Party in the United States in the mid-term elections to congress on Tuesday signaled a new political stalemate in the world’s biggest economy.
Despite ongoing turmoil in the region like in Iraq, Syria, Lebanon, Yemen and Libya, oil prices declined further as a reaction to news from the West on Wednesday, jeopardizing state revenues in the six Arab GCC (Gulf Cooperation Council) countries around Saudi Arabia which are mostly major oil suppliers.
