Dubai Stocks Enter Bear Market as Mideast Equities Slump on Oil - Bloomberg Business

Dubai Stocks Enter Bear Market as Mideast Equities Slump on Oil - Bloomberg Business:

"Dubai stocks dropped into a bear market, leading declines across most Middle East equity markets, after Friday’s U.S. labor report increased expectations that the Federal Reserve will lift interest rates this year, pushing Brent crude lower.
The DFM General Index slid 3 percent to 3,347.23, the lowest level since December and the biggest drop in more than two months. The gauge has fallen more than 20 percent since a peak in April. Emaar Properties PJSC, the real estate developer with the largest weighting on the measure, led the declines with a 4.7 percent retreat. Saudi Arabia’s Tadawul All Share Index lost 1.4 percent at 1:34 p.m. in Riyadh.
“When you see an aggressive drop in the oil price, it puts people on edge,” said Ahmed Shehada, executive director for advisory and institutions at NBAD Securities LLC, a unit of the U.A.E.’s biggest bank. “In addition, there are the banks’ results. A lot of operating income has dropped and this is having” an effect across the board, he said."



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