Arabian Gulf markets lose $58 billion as weak oil and global equity rout spark sell-off | The National

Arabian Gulf markets lose $58 billion as weak oil and global equity rout spark sell-off | The National:



"Billions of dirhams were wiped off the value of Dubai shares yesterday, as stock markets across the Arabian Gulf lost US$58 billion on a day of calamitous trading.




The sharp sell-offs came in the wake of sliding oil prices and a global equity rout on Friday, spurred by fears of a slowdown in China’s economic expansion, a key engine of global growth.



Dubai’s stock market led losses in the Middle East yesterday. The Dubai Financial Market General Index fell as much as 7.2 per cent on the day, before closing down 6.9 per cent at 3,451.48, its lowest level since the end of March."



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