MIDEAST STOCKS-Gulf shares tumble as emerging markets selling triggers exposure cut | Reuters:
"* Fears of Chinese slowdown trigger global sell-off
* Market moves in UAE amplified by earlier gains
* Dubai triggers double top formed by February peaks
* Qatar weakens further after row with Gulf neighbours
* Strong telecoms earnings fail to lift Egypt
By Nadia Saleem
DUBAI, March 12 (Reuters) - Dubai's shares slid on Wednesday, leading a Middle East retreat as a gloomy global backdrop worsened a local lull and sparked profit-taking.
Copper, a proxy for China's economic wealth, plunged to a four-year low, worsening fears about slowing Chinese economy and triggered selling across global equities.
"Global selling is affecting sentiment to a certain extent but the correction is a result of a strong early-year performance and a lack of catalysts," Marwan Shurrab, fund manager and head of trading at Vision Investments said of UAE markets."
'via Blog this'
No comments:
Post a Comment