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Kuwait City - Share prices in energy-rich Gulf Arab states fell sharply on Sunday, dragged down after oil prices plunged to new lows.
The benchmark index on the Dubai Financial Market lost 6.4% to 3 370.51 points, below last year's close for the first time in 2014.
The DFM Index was mainly pulled down by market leader Emaar Properties, which shed 8.0%, followed by construction giant Arabtec, which lost 7.2%.
DFM Index dropped 7.2% on Thursday.
Contributing to slide
Abu Dhabi Securities Exchange was down 4.1% at 4 190.50 points, with the decline led by energy sector stocks, which fell 5.3%, followed by the real estate and banking sectors.
The main index on the Qatar Exchange dived in the opening minutes, losing 6.4% to 11 047.14 points with market leaders in banking and industry contributing to the slide.
Kuwait Stock Exchange dropped 1.9% at 6 341.19 points despite the listing of the VIVA telecom, a third mobile operator 26%-owned by Saudi Telecom.
The Muscat Securities Market lost 0.6% to 5 773.0 points, while the Bahrain bourse was unchanged.
The Saudi stock market, the largest in the Arab world, starts trading later on Sunday.
Global oil prices tanked on Friday to fresh five-year lows after a gloomy crude demand downgrade from the International Energy Agency (IEA) and more weak Chinese economic data.
Despite plunging prices
US benchmark West Texas Intermediate for January delivery plunged to $58.80 per barrel - the lowest level since 20 May 2009 - having already closed under the psychological level of $60 on Thursday.
Brent crude for January meanwhile slipped to $62.75 in morning London deals, striking a low point last witnessed on 16 July 2009.
The oil market - which has shed almost 50% since June - plumbed the latest lows after the Paris-based IEA slashed its 2015 demand outlook, despite plunging prices.
The six nations of the Gulf Cooperation Council - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates - depend heavily on oil revenues which make up around 90% of their total income.
