Gulf Shares in Free Fall after Oil Rout, Iran Deal Implementation. The Qatar Exchange plunged 7.2 percent

Share prices in the energy-rich Gulf states nosedived Sunday following the sharp decline in oil prices as Iran prepares to resume crude exports after the lifting of sanctions.

Sunday’s plunge follows heavy losses in global bourses on Friday, when Gulf exchanges were closed for the weekend.

The price of oil, which contributes more than 80 percent to Gulf states' revenues, shed more than 20 percent this year to drop below $30 a barrel. This follows a plunge of 65 percent in the past two years.

The expected return of Iran to the oil market, following the implementation Saturday of its historic nuclear deal with world powers, will only worsen the production glut that has been the main reason for the oil price dive.

All seven Gulf bourses saw a wave of panicked sell-offs, sending indices to multi-year lows.

Big investors joined small dealers in dumping shares in fear of a further slump.

Most of the seven markets have already lost in the past two week more than they dropped in the whole of 2015.

The Qatar Exchange, the second largest in the Gulf after Saudi Arabia's, plunged 7.2 percent to close trading just above the 8,500-point mark, last seen in April 2013...
 AFP
newz.gr
17/1/16
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Related:

• After Iran Nuclear Sanctions Lifted, US Issues Fresh Embargo Over Ballistic Missile Program

• Pétrole: le retour de l'Iran risque de plomber un peu plus le marché