Dubai Shares Drop Most in World as Gulf Markets Slump on Oil - Bloomberg

Dubai Shares Drop Most in World as Gulf Markets Slump on Oil - Bloomberg:



"Dubai’s index declined the most in two weeks, leading a regional equity rout, as oil headed for its longest monthly losing streak since 2008.



The DFM General Index (DFMGI) tumbled 5 percent, the biggest retreat since Dec. 16, to 3,742.04 at 12:07 p.m. local time. It’s the worst performer among more than 90 indexes tracked globally by Bloomberg. The Tadawul All Share Index (SASEIDX) in Saudi Arabia, the world’s biggest crude exporter, sank as much as 3.4 percent. Oil has fallen 19 percent so far in December, poised for its sixth straight monthly loss.



“Oil still remains the fundamental reason for the equity markets to move here” and the drop in crude prices is “affecting sentiment in regional markets,” Hisham Khairy, the Dubai-based head of institutional trade at Mena Corp. Financial Services LLC, said by telephone. If oil prices fall further, “we can see another ugly scenario,” he said."



'via Blog this'