Thursday 6 December 2018

MIDEAST STOCKS- #Dubai plummets to multi-year lows, oil trips up Saudi | Reuters

MIDEAST STOCKS-Dubai plummets to multi-year lows, oil trips up Saudi | Reuters:

Dubai’s stock market plunged to its lowest level in more than five years on Thursday as real estate stocks continued to slide while weak oil prices pressured the Saudi market.

Oil lost nearly 5 percent after producer group OPEC signalled that it may agree to a smaller output cut than expected and as concern over the economic impact of trade tensions hit global stocks.

The Dubai index slumped 2 percent to its lowest since September 2013, with its largest listed-developer, Emaar Properties, dropping 4.3 percent. The stock has lost a third of its value this year.

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