Dubai Leads Market Slump Across Mideast on Iraq Unrest - Bloomberg

Dubai Leads Market Slump Across Mideast on Iraq Unrest - Bloomberg:



"Dubai shares fell, leading stock market declines across the Middle East, as escalating violence in Iraq reignited a sell-off.



The DFM General Index (DFMGI) plunged 4.7 percent to 4,609.28, the lowest close since April 6. The measure has fallen more than 9 percent since it was included in MSCI Inc.’s emerging-markets index at the start of the month. Emaar Properties PJSC (EMAAR), the company with the largest weighting on the gauge, tumbled 5.1 percent today. Qatar’s QE Index dropped 1.6 percent



“Any regional unrest is bad news for the market, certainly if it’s looking for an excuse to correct anyway,” Julian Bruce, the head of institutional trading at EFG-Hermes U.A.E. Ltd. in Dubai, said by telephone."



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