Dubai Stocks Lead GCC Declines as Global Markets, Oil Retreat - Bloomberg

Dubai Stocks Lead GCC Declines as Global Markets, Oil Retreat - Bloomberg:



"Dubai’s shares led the rout in stocks across the Gulf after oil prices and global equities extended their slump.



The DFM General Index (DFMGI) plunged 7.7 percent at 11:15 a.m. local time to 3,068.93, the lowest in a year. The measure has declined 28 percent since the end of November and is poised for the worst month in more than six years. The ADX General Index, which entered a bear market yesterday, fell 4.2 percent.



Equity markets worldwide tumbled and the Standard & Poor’s 500 Index (SPX) reversed gains to close 0.6 percent lower and the Stoxx Europe 600 Index slipped 2.2 percent. Brent plunged for a fifth day to the lowest level in more than five years to $60.40 a barrel."



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