Dubai Stock Plunge Leads Middle East Rout After Global Selloff - Bloomberg

Dubai Stock Plunge Leads Middle East Rout After Global Selloff - Bloomberg:



"Dubai shares dropped the most in almost four months, leading Middle East equity declines, after investor concern global growth will slow sparked a selloff worldwide. Saudi Arabia’s stocks fell the most since March 2011.



The Dubai Financial Market General Index (DFMGI) slid 6.5 percent to 4,619.60 at the close, the lowest level since July 20. Saudi Arabia’s Tadawul All Share Index (SASEIDX) retreated 6.5 percent to the lowest since July 22. Abu Dhabi’s ADX General Index slipped 3.5 percent, the most in almost four years, and Qatar’s QE Index closed 3 percent down.



“Global markets are all selling off and it’s that weakness we’re tracking,” Hisham Khairy, the Dubai-based head of institutional trade at Mena Corp. Financial Services LLC, said by phone. “There’s still more blood to come.”"



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