Dubai Shares Extend Drop Below 4,000 as Gulf Stocks Slide on Oil - Bloomberg

Dubai Shares Extend Drop Below 4,000 as Gulf Stocks Slide on Oil - Bloomberg:



"Dubai’s benchmark stock index plunged below 4,000 for the first time since July, tracking a decline in global equities as oil prolonged its slide.



The DFM General Index (DFMGI) tumbled 5.3 percent to 3,815.53 at 12:06 p.m. local time, poised for the lowest close since February and the longest losing streak since 2012. Abu Dhabi’s ADX General Index slumped 4 percent, Qatar’s QE Index lost 2.6 percent and Saudi Arabia’s Tadawul All Share Index fell 2.7 percent. Emerging-market stocks fell for a third day amid a sell-off in energy companies as oil dropped to a five-year low.



“Weaker oil has put a dark cloud on the GCC markets,” Ahmed Shehada, head of advisory and institutions at NBAD Securities LLC in Abu Dhabi, said by e-mail. “While there is no reason for the impact to be so strong in the market, foreign outflows have further stimulated this drop.”"



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