DUBAI, May 28 (Xinhua) -- Stock market indices ended trading in the red from the oil-rich Gulf states on Sunday, following the 14 oil-producing Organization of Petroleum Exporting Countries (OPEC) agreement on Thursday.
Sunday's trading saw the Saudi Arabian stock market index closing 1.29 percent lower at 6,783.39, the lowest level since November 2016, with only six shares ahead, while 165 securities declined in value.
According to Dubai-based economist Dr. Nasser Saidi, President of Nasser Saidi and Associates, his e-mailed market commentary said, "The price of Brent collapsed by 4 percent on Thursday - the sharpest daily decline in 3 weeks - as traders were disappointed that OPEC's agreement with Russia did not include steeper oil output cuts."
In Abu Dhabi, a major oil supplier similar to Saudi Arabia, the market gauge ADXGI shed 0.45 percent, finishing at 4,496.38.
Shares of Dana Gas plummeted 4.88 percent, while the Bank of Sharjah rose by 7.5 percent, bucking the slump.
Earlier last week, Dr. Saidi said, "Moody's revised its rating outlook on Abu Dhabi's government from negative to stable, while the long and short-term issuer ratings were affirmed at Aa2/P-1."
He also quoted the UAE's Minister of Energy Suhail Mazroui who said "The UAE will continue expanding oil and gas production capacity, while complying with OPEC output cut targets."
In Dubai, the DFMGI lost 1 percent, finishing at 3,293.60, representing a six-month low.
Emirates Islamic Bank lost 10 percent (limit down).
Market bellwether Emaar Properties, developer of Burj Khalifa, the world's tallest tower, fell by 1.24 percent.
Turnover was thin as Sunday's session marked the Islamic month of Ramadan's first trading day, during which Muslim investors typically reduce their work schedule to five or six hours a day.
