Dubai's index slumped to a six-month low and Qatar's benchmark .QSI saw its largest drop in nine months on Tuesday as regional turmoil spurred further selling and rendered technical support levels obsolete.
Foreign investors are dumping MIddle East stocks and many local investors are trying to beat them to the punch, exacerbating declines, traders said.
"As the populace throughout the region attempts to take on ever more tyrannical regimes, we will be faced with increasingly violent protest and consequently greater uncertainty," said Julian Bruce, EFG-Hermes director of institutional equity sales. "This will manifest itself in higher oil prices and, paradoxically, weaker MENA equity markets.
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