Gulf stock markets plunge

ABU DHABI, Nov 30 (Reuters): 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 per cent to $70.15 per barrel since regional equity markets last traded on Thursday.

Dubai's index fell 4.7 per cent 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 per cent to 4,675 points. Its intraday bottom was 4,611 points.

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

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