Dubai Stocks Slump Most Since August as Mideast Markets Recoil - Bloomberg Business

Dubai Stocks Slump Most Since August as Mideast Markets Recoil - Bloomberg Business:

"Disappointing company earnings, falling oil prices and a wave of terrorism culminating in Friday’s attacks in Paris unsettled investors, leading to losses in almost every Middle Eastern market.
Dubai’s DFM General Index dropped 3.7 percent, the most in almost three months, after Drake & Scull International PJSC became the latest United Arab Emirates construction company to report losses. Egypt’s EGX30 Index tumbled 4.2 percent to the lowest since December 2013 and Saudi Arabia’s Tadawul All Share Index sank the most in almost three weeks. The Bloomberg GCC 200 Index, which tracks the top 200 companies in the six-nation Gulf Cooperation Council, closed at the lowest since May 2013.
Drake & Scull joined larger rival Arabtec Holding Co. in reporting losses because of “challenging market conditions” after a more than 40 percent drop in Brent crude prices in the past 12 months led to deferred payments and project declines across the GCC. Oil prices may slide further after stockpiles expanded to a record of almost 3 billion barrels because of strong output from OPEC and elsewhere, the International Energy Agency said on Friday. Most governments in the region rely on income from crude to fund spending."



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