Most Gulf markets extended losses on Monday, tracking declines in oil prices and world equities as a euro zone debt crisis sparked fears of a weakening global recovery. “Regional markets are obviously following global markets and this correlation has increased drastically - whenever there's a global crisis, regional markets take their cue from that,” said Shakeel Sarwar, Sico investment bank head of asset management. “The link is much stronger on the downside than the up.” Saudi Arabia's benchmark Tadawul All Share Index (TASI) fell 0.5 percent to 6,494.08 points. Saudi Arabia's had its third straight loss, as declining crude prices weighed on sentiment in the world's top oil exporter. Saudi stocks trimmed losses by the close, however, matching a slight recovery in crude. Saudi Basic Industries Corp (Sabic) fell 0.5 percent and Saudi Fertilizers Co lost 2.2 percent. Oman's index declined 1.3 percent to 6,571 points. Oman's index had its biggest decline of 2010 as bank stocks tumbled. “Sentiment is pretty pathetic globally and that is being reflected here in Oman,” said Sayed Quadry, a vice-president at Amwal Investment in Muscat. “A lot of people are selling and just getting out of the market because of global uncertainty.” Bahrain's measure fell 0.6 percent to 1,525 points. Abu Dhabi's benchmark dropped 0.4 percent to 2,777 points. However, Dubai's index rose 1.2 percent to 1,713 points. Kuwait's measure also rose 0.5 percent to 7,143 points. Oil prices tumbled Monday to their lowest levels this year on concerns about future oil demand and the strong dollar. New York's light sweet crude for delivery in June, ended $1.55 to $70.73 per barrel, after hitting $69.27 – the lowest level since October 5, 2009. London's Brent North Sea crude for July dived $2.83 to $75.10 a barrel. On foreign exchange markets, the euro hit $1.2235 in Asian trade –its lowest since April 2006 – compared with $1.2358 in New York.
