"On news the militant group Islamic State in Iraq and Syria (ISIS) has declared itself an official Islamic state and amid increased speculation of a bursting property bubble, shares of the iShares MSCI UAE Capped ETF (NasdaqGM: UAE) are down 4.4% Monday on volume that is already close to the daily average.
UAE's glum Monday showing not only makes the newly minted ETF the day’s worst-performing non-leveraged fund, but extends a decline of nearly 26% since June 6, putting the $55.9 million ETF firmly in bear market territory. [Iraq Violence Plagues UAE ETF]
In Dubai, the benchmark DFM General Index tumbled 4.4%, sending stock there to the worst monthly performance since November 2008. “The index is now poised for its first loss in a quarter since June 2012, with none of the regularly traded stocks in the 30-member gauge trading above their 50-day moving average,” reports Laurence Dodds for The Telegraph.
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| iShares MSCI UAE Capped ETF |
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