Dubai Stocks Decline 13% From 2013-High as Rally Halts on Syria - Bloomberg

Dubai Stocks Decline 13% From 2013-High as Rally Halts on Syria - Bloomberg:

"Dubai’s benchmark stock index fell more than 10 percent from its 2013 high as the prospect of a military strike against Syria weighed on investor sentiment in the oil-rich Persian Gulf.
The DFM General Index (DFMGI) dropped 3.7 percent, making it the biggest decliner among 94 benchmarks tracked by Bloomberg globally, to close at 2,396.79 in Dubai. The measure has plunged 13 percent from its Aug. 25 high, entering the so-called correction today. Dubai Investments PJSC (DIC), which holds stakes in more than 40 businesses, tumbled 5.3 percent, while discount carrier Air Arabia PJSC (AIRARABI) fell for a third day.
U.S. President Barack Obama yesterday won support from two top House Republicans for military action against Syria as he seeks Congressional approval for his plan to punish the regime of President Bashar al-Assad for alleged use of chemical weapons. Shares in Dubai are the best performing benchmark in the world this year after Ghana as the Persian Gulf business hub’s economy recovers from the global financial crisis."

'via Blog this'