Stocks News Mideast-Gulf extends decline; losses limited Tuesday, 22 November 2011 09:58

Gulf markets extend their decline but losses are limited after Monday's sell-off over global debt woes.

Oman's index slips 0.3 percent to 5,433 points, with Renaissance Services the main drag. Its shares fall 3.8 percent, compounding Monday's 4.5 percent loss.

"Fund managers and foreigners are cashing out in the market and raising their cash positions," says Adel Nasr, United Securities brokerage manager.

"All major counters are under pressure because there is panic over the global situation."

In Kuwait, the market extends decline for a fifth day, down 0.2 percent to 5,773 points.

Investor sentiment is shaky amid political unrest after protestors stormed the parliament last week, demanding the removal of Prime Minister Sheikh Nasser al-Mohammad al-Sabah, accusing him of corruption.

National Real Estate drops 6.3 percent to a three-week low.

Dubai's benchmark eases 0.1 percent to 1,353 points, with year-to-date losses at 17 percent.

Abu Dhabi's index edges lower 0.06 percent at 2,449 points.

In Qatar, the market drops to a fresh three-week low, down 0.4 percent to 8,549 points.

(Reuters/ Nadia Saleem)