AFP/Kuwait City
Share prices in the Gulf states tumbled to multi-year lows on Sunday after oil prices closed the week below $38 a barrel, the lowest in seven years.
The slide was led by markets in the United Arab Emirates and Saudi Arabia, which plunged below key resistance points amid a sell-off by concerned investors.
Crude prices nosedived on Friday, with Brent dropping 4.5% to $37.93 a barrel and West Texas Intermediate losing 3.1% to $35.62 a barrel.
Gulf states, which pump over 18mn barrels of oil per day, heavily depend on crude income for public revenues.
The Saudi Tadawul All-Shares Index (TASI) dropped 2.65% to 6,764.60 points, its lowest close since November 2012. It has lost 18.8% since the start of the year.
TASI, the largest Arab bourse, slid lower during the day but recovered before closing.
The Dubai Financial Market Index dipped 2.1% to finish on 2,882.80 points, a two-year low. The index has dropped 23.6% since the start of the year.
Abu Dhabi Securities Exchange also lost 2.1% to close barely above the 4,000-point mark. It is currently trading 12% lower than at last year's finish.
Qatar Exchange, the second-largest Arab bourse, shed 3.7% to close at 9,643.65 points, the lowest level since September 2013. It has shed 21.5% compared with last year.
The Kuwait Stock Exchange dropped 0.93% to 5,633.28 points, a three-year low. It has lost 13.8% on the year.
Muscat Securities Exchange slid 0.66% to 5,414.99 points, a 12-month low, while the Bahrain Stock Exchange dropped slightly.
Gulf private companies are feeling the heat from government measures to cut capital spending on which they heavily rely.
The decline in Gulf markets followed a global shares rout on Friday due to low oil prices.