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Gulf markets plunge after OPEC decision sends oil price tumbling
December 1, 2014, 9:21 am

Gulf stock markets plunged on Sunday after OPEC's decision to keep crude output unchanged sent oil prices tumbling.

The price of Brent crude LCOc1 has tumbled about 10 percent to $70.15 per barrel since regional equity markets last traded on Thursday.

Dubai's index fell 4.7 percent to a five-month closing low of 4,281 points, with most stocks in decline. It hit an intraday low of 4,192 points before bargain hunters stepped in to take advantage of panic selling.

Abu Dhabi's benchmark also hit a five-month closing low, dropping 2.6 percent to 4,675 points. Its intraday bottom was 4,611 points.

Kuwait's index fell 3.4 percent to 6,753 points, its lowest level since April 2013. Oman's bourse tumbled 6.2 percent to a 14-month low.

Shares in Oman Cement and Raysut Cement fell 9.1 and 7.8 percent respectively after both companies said on Sunday they would pay a higher prices for natural gas from 2015 onwards.

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