Saudi Stocks Head Into Bear Market on OPEC Output; Dubai Slumps - Bloomberg

Saudi Stocks Head Into Bear Market on OPEC Output; Dubai Slumps - Bloomberg:



"Saudi Arabian stocks headed for a bear market after OPEC took no action to stem a slump in oil, triggering a rout in Middle Eastern equity markets.



The Tadawul All Share Index (SASEIDX) retreated 3.9 percent to 8,705.73 at 11:44 a.m. in Riyadh. The measure for the Arab world’s biggest bourse has slipped 22 percent from a high on Sept. 9. Dubai’s DFM General Index fell 4.9 percent, the most since Oct. 16. Abu Dhabi’s ADX General Index declined 2.8 percent, Oman’s MSM 30 Index lost 5.9 percent and Qatar’s QE Index fell 4.7 percent.



Oil tumbled to the lowest since May 2010 after the 12-nation Organization of Petroleum Exporting Countries maintained its collective production ceiling of 30 million barrels a day. Brent crude, the benchmark for more than half the world’s oil, lost 13 percent last week, the biggest weekly plunge since May 2011, to $70.15 a barrel, the lowest since May 2010. Saudi stocks are plunging four months after the country announced plans to give foreigners access to the bourse for the first time."



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