Dubai Shares Decline Most in World on Prospect of Syria Strike - Bloomberg

Dubai Shares Decline Most in World on Prospect of Syria Strike - Bloomberg:

"Dubai’s stock index plunged the most in the world as the Obama administration vowed to hold Syria’s government liable for chemical weapons attacks and Iran warned a U.S. attack could engulf the region.
The DFM General Index tumbled 7 percent, the most since November 2009 and the steepest slump among more than 90 global benchmarks tracked by Bloomberg, to 2,549.61 at the close in Dubai. Emaar Properties PJSC (EMAAR), the United Arab Emirates’ biggest publicly traded developer, lost the most since January 2010, and Gulf Navigation Holding (GULFNAV), whose tanker fleet ship oil and gas, slid 9.4 percent. The seven Persian Gulf benchmarks fell.
“It’s down to geopolitics with respect to what is happening in Syria,” Talal Touqan, head of research at Al Ramz Securities LLC, said by phone from Abu Dhabi. “Foreigners are apparently selling and exiting the market.”"

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