Middle East shares fell, with Saudi Arabia’s index dropping the most in two weeks, amid concern about the region’s political stability as Gulf Arab states sent troops to Bahrain to restore security. Oil declined.
Saudi Basic Industries Corp. (SABIC), the world’s biggest petrochemicals maker, declined for a third day. The Tadawul All Share Index tumbled 4 percent, the most since March 2, to 5,983.53 at 1:27 p.m. in Riyadh. Dubai’s benchmark DFM General Index (DFMGI) lost 1.9 percent and Israel’s TA-25 retreated 2.2 percent. In Japan stocks plunged on concern of further leaks from a nuclear power plant. The MSCI World Index retreated and oil fell on concern the Japanese crisis may weigh on demand.
“I would put it down to political uncertainty as key given the situation in Bahrain and the risk of it spreading to the rest of the GCC,” said Adnan Haider, head of fixed income and equities at Abu Dhabi Commercial Bank PJSC. “And then the global uncertainty in Japan.”
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