Saudi Stocks Enter a Bear Market on OPEC Output; Dubai Slumps - Bloomberg

Saudi Stocks Enter a Bear Market on OPEC Output; Dubai Slumps - Bloomberg:



"Saudi Arabian stocks plunged into a bear market after OPEC took no action to stem a slump in oil, triggering a rout in Middle Eastern equities.



The Tadawul All Share Index (SASEIDX) retreated as much as 6.3 percent, the most since March 2011, before settling 4.8 percent lower at the close in Riyadh. The measure for the Arab world’s biggest bourse has slipped 23 percent to 8,624.89 from a high on Sept. 9. Dubai’s DFM General Index fell 4.7 percent, the most since Oct. 16. Abu Dhabi’s ADX General Index declined 2.6 percent, Oman’s MSM 30 Index lost 6.2 percent and Qatar’s QE Index fell 4.3 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. Saudi stocks are tumbling four months after the country announced plans to give foreigners access to the bourse for the first time."



'via Blog this'