Gulf stocks dive over low oil prices, geopolitics
Stock markets in the energy-rich Gulf states ended 2015 in negative territory on Thursday, following a massive decline in oil prices and regional turmoil.
The Saudi stock market, the largest in the region, led the slide by shedding 17 percent in 2015 followed by Dubai which dipped 16.5 percent.
The market value of the seven bourses dropped by $110 billion to $930 billion in 2015.
Gulf Cooperation Council states were forced to cut back this year after oil prices fell by more than 60 percent since mid-2014 to below $40 a barrel.
GCC nations Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates all depend on oil for more than 70 percent of their revenues.
"The persistent decline in oil prices, though expected, hit the domestic economies very hard," M.R. Raghu, head of research at Kuwait Financial Centre Markaz, said. "It negatively affected spending and private investors."
"Stock markets were also impacted by geopolitical factors which pushed investor confidence down," he added.
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