Gulf stock markets have been convulsed by a surge of selling by local investors who fear the unrest in the Arab world could spread to Saudi Arabia, the region’s economic and political heavyweight.
Saudi Arabian stocks fell 3.9 per cent, the country’s 13th consecutive session of losses, taking the benchmark index to its lowest level in almost two years. Dubai’s benchmark index shed 3.5 per cent, to a seven-year low.
“Until recently, the Gulf markets hadn’t reacted that much to events in north Africa but we’ve suddenly had a wave of selling across the region, emanating from Saudi Arabia,” said Oliver Bell, an emerging markets fund manager at Pictet.
No comments:
Post a Comment