Dubai Financial Market chases Saudi stocks into deeper losses | The National:
"Saudi Arabia’s stocks tumbled hard out of the gate on Thursday, sending already skittish Dubai investors into full retreat. Both bourses closed the day with big losses.
Dubai’s benchmark slid mildly during the first half of the trading session but took a more precipitous decline after midday, when Saudi Arabia’s bourse opened significantly lower.
“It’s panic-selling. Sometimes markets get hurt badly and today is one of those days, so it’s a domino effect,” said Fathi Ben Grira, the chief executive at Mena Corp, an Abu Dhabi-based brokerage. “But at the same time, the cash is staying in their account, rather than selling the shares and demanding the cheque. They’re waiting for the markets to rebound, that’s an important difference.”"
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